And thereupon, when all of said stock shall have been subscribed, a statement shall be filed with the secretary of state, and that officer shall give to such company a certificate of incorporation under the officer's seal of office, declaring the corporate name of such company, the amount of capital stock, and the amount of securities deposited with the state comptroller, as hereinafter provided, the names of the directors who are to conduct the business of the company for the first year, and henceforth upon the payment to such officer of the fee provided by law to be paid for the incorporation of joint stock companies; and said company shall then become a body corporate, with the power and authority to sue and be sued as such, in any proper court, and such company may carry on the business of insuring property against loss or damage by fire, in a manner not inconsistent with the laws of this state, as a stock company. However, before such company shall issue any policies of insurance, such company shall deposit in the office of the state comptroller of Indiana, stocks, bonds or notes to be approved by the state comptroller, to the amount of twenty-five percent (25%) of insurance, such company shall deposit in the office of the state comptroller of Indiana, stocks, bonds or notes to be approved by the state comptroller, to the amount of twenty-five percent (25%) of the capital stock of said company, the interest on which is to be paid to said company, provided that the securities so held may be replaced by other securities to be first approved by the state comptroller, when by reason of their maturity or other good cause, it shall seem necessary or proper for the best interest of such company to replace them.Formerly: Acts 1895, c.158, s.5. As amended by P.L.9-2024, SEC.483.
Indiana Legal Code