IC 27-3-2-1: Authority to issue stock

Sec. 1. Any insurance company organized and doing business under the laws of this state on what is known as the assessment plan, and having more than one thousand (1,000) members, and a reserve fund of not less than one hundred thousand dollars ($100,000), is authorized, subject to the limitations set forth in this chapter, to issue stock in shares of fifty dollars ($50) each, to an amount of not less than one hundred thousand (100,000) nor more than five hundred thousand dollars ($500,000), and to receive subscriptions for the stock.