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49 chapters · 915 sections in this title.
22 V.I.C. § 351 Increase of capital stock
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(a) Increase of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. The increase shall not be effective unless and until within six months after filing such amendment with the Lieutenant Governor, as required by section 307 of thi…
22 V.I.C. § 352 Reduction of capital stock
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(a) Reduction of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. No such reduction shall be made which results in capital stock less in amount than the minimum required by this title for the kinds of insurance thereafter to be…
22 V.I.C. § 353 Dividends to stockholders
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(a) No domestic stock insurer shall pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from any realized net profit on its business. (b) Such an insurer may pay a stock dividend out of any available surplus funds. (c) Pay…
22 V.I.C. § 354 Illegal dividends, reductions; penalty against directors
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Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of a gross misdemeanor.
