shares issued for any consideration, or their status as fully paid and nonassessable shares. (3), Before the corporation issues shares, the board of. adjective (of stock) exempting the investor from any expense or liability beyond the amount of his or her investment. The shares of Buyer Common Stock to be issued to Seller pursuant to this Agreement will, on the date of issuance and delivery to Seller pursuant to this. The capital stock issued in accordance with this section shall be deemed to be fully paid and nonassessable (1) Purchase or redeem its own shares of capital. B, §7 (AFF).] 4. Fully paid; nonassessable. When the corporation receives the consideration for which its board of directors authorized the issuance of shares.
(1a) Non-Stock Life Insurance Companies. Every such corporation shall at all times thereafter maintain a minimum surplus of at least seven hundred fifty. Stock nonassessable. Such capital stock shall be divided into shares of such amount as the board of directors may determine, and the holders of such stock. All of the outstanding shares of the Common Stock are fully paid and non-assessable, which means the holders of the outstanding shares of the Common Stock may. Find the legal definition of NONASSESSABLE CAPITAL STOCK from Black's Law Dictionary, 2nd Edition. The satisfaction of debt obligations through additional. Assessable stock is not commonly used today, as most stocks are non-assessable, meaning that the stockholder's liability is limited to the amount paid for the. shares, the shares issued therefor are fully paid and nonassessable. (e) The corporation may place in escrow shares issued for a contract for future. The holders of nonassessable stock in a corporation are not required to contribute additional funds to the corporation beyond their initial capital contribution. (b), whether the shares of common stock representing the equitable shares of nonassessable. (2) (2) Nonassessable to assessable. A. shares. The capital stock so issued shall be deemed to be fully paid and nonassessable stock if: (a) The entire amount of such consideration has been. Define Non-Assessable Share. means a share in the Company on which share the Company is not entitled to make requests for additional funds from the. Nonassessable policies. (1) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock.
the consideration for which the board of directors authorized the issuance of shares, the shares issued for the consideration are fully paid and nonassessable. The meaning of NONASSESSABLE is exempting the owner from further contributions to the capital or business of an issuing corporation and when fully paid for. shares issued therefor are fully paid and nonassessable. Shares issued as a share dividend or upon a stock split, reclassification of outstanding shares. Nonassessable policies of mutual insurers. (1) While possessing surplus funds in amount not less than the paid-in capital stock required of a. (5) Where it cannot be determined that outstanding shares are fully paid and nonassessable, there shall be a conclusive presumption that such shares are fully. Nonassessable policies of mutual insurers. (1) While possessing surplus funds in amount not less than the paid-in capital stock required of a. Shares with respect to which the consideration has been paid in full before they may be issued, and no further amounts can be assessed after they are issued. Nonassessable definition: (of stock) exempting the investor from any expense or liability beyond the amount of the investment. Nonassessable stock refer to a class of stock owned by a holder whose potential liability is limited to the amount paid for the stock and who cannot be.
Corporation organized on stock basis; issuance of shares; powers. shares are validly issued, fully paid, and nonassessable. (c) When the. This is non-assessable stock, meaning that investors cannot be held liable for more than the price of their investment. In contrast, assessable capital stock. STOCK AND MUTUAL INSURERS. Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS. § § Nonassessable policies; limits of assessability; use of. shares, the shares issued therefor are fully paid and nonassessable. Consideration in the form of a promise to pay money or a promise to perform services is. authorized the issuance of shares in accordance with this section, the shares issued therefor are fully paid and nonassessable. When, and to the extent.
stock insurer to transact like kinds of insurance, and for so long as it maintains such surplus, may extinguish the contingent liability of its members to.