California Insurance Code

§ 8091

INS § 8091Div. 2 · Part 1 · Ch. 6 · Art. 6

Statute text

When the amount of such loss does not exceed one-eighth of one per cent of the total amount of insurance in force in the reinsurer, the directors may, by resolution in writing signed by two-thirds of all the directors while present at a meeting, borrow in the name of the reinsurer and give its evidence of indebtedness therefor, in an amount not exceeding one-eighth of one per cent of the total amount of such insurance in force.

Legislative history

Enacted by Stats. 1935, Ch. 145.