(1) Any such corporation organized and duly licensed by the commissioner to conduct an insurance business may sell additional stock or increase its capital for the purpose, in the manner, and to the extent prescribed by law, but the expense incurred in connection with such sale shall not exceed twenty percent of the amount realized from the sale of its capital stock, whether in cash or notes, and said expense shall be paid from surplus funds of the corporation.
(2) The provisions of this title (except article 15) and article 14 of title 24, C.R.S., also apply in the formation and authorization of domestic insurance companies formed upon the mutual plan, and to associations formed upon the assessment plan, that are organized with a guaranty fund in lieu of capital as provided in said references.
Source: L. 13: p. 346, § 2. L. 15: p. 270, § 1. L. 21: p. 457, § 5. C.L. § 2503. CSA: C. 87, § 30. L. 41: p. 502, § 2. CRS 53: § 72-1-44. L. 57: p. 758, § 9. C.R.S. 1963: § 72-1-44. L. 92: (2) amended, p. 1538, § 29, effective May 20. L. 2004: (2) amended, p. 898, § 10, effective May 21. L. 2012: (2) amended, (HB 12-1266), ch. 280, p. 1503, § 23, effective July 1.