California Insurance Code

§ 7012

INS § 7012Div. 2 · Part 1 · Ch. 5 · Art. 8

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 insurer, its directors may, by resolution in writing signed by two-thirds of all the directors while present at a meeting, borrow money in the name of the insurer and give its evidence of indebtedness therefor, in a total amount not exceeding one-eighth of one per cent of the total amount of insurance thus in force.

Legislative history

Enacted by Stats. 1935, Ch. 145.