506.4 Maximum promotion expense allowed. The maximum promotion expense which may be incurred shall in no case exceed fifteen percent of the sale price of said stock, and no portion of such amount shall be used in thepayment of salaries for officers and directors before the issuance, by the commissioner ofinsurance, of authority to transact an insurance business. Any amount paid to the companyfor stock above the par value of the stock shall constitute a contributed surplus but nodividends shall be paid by the company except from the earned profits arising from theirbusiness, which shall not include contributed capital or contributed surplus. [C24, 27, 31, 35, 39, §8618; C46, 50, 54, 58, 62, §506.3; C66, 71, 73, 75, 77, 79, 81, §506.4]Referred to in §506.6, 515.10 Sat Dec 23 00:38:51 2023 Iowa Code 2024, Section 506.4 (14, 0)
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