1903 public laws – Ch.536 Sec.3
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CHAPTER 536 AN ACT TO REGULATE LIFE INSURANCE COMPANIES AND THEIR GOVERNMENT. The General Assembly of North Carolina do enact:
No dividend shall be made by any company incorporated in this State when its capital stock is impaired, or when the making of such dividend would have the effect of impairing its capital stock; and any dividend so made shall subject the stockholders receiving the same to a joint and several liability to the creditors of said company to the extent of the dividend so made. LIFE INSURANCE COMPANIES TO MAKE ANNUAL RETURNS OF POLICIES FOR VALUATION. FEES.