(a) A domestic capital-stock company organized under this subdivision shall have a paid-up capital stock of not less than $1,000,000. Each domestic capital-stock company organized under this subdivision, in addition to the paid-up capital stock, shall have a surplus paid-up equal to at least 50% of such capital stock. Each domestic mutual company organized or doing business under this subdivision shall at all times have a surplus as defined by this subdivision of not less than $1,500,000.
(b) No company shall be exempt from the provisions of this section by reason of its having been incorporated in the District or elsewhere prior to the effective date of this subsection or subsequent amendment, except that in the case of companies authorized in the District of Columbia on August 31, 1964, and continuously authorized thereafter without any increase or broadening of authority, the minimum capital required of a stock company, or the minimum surplus required of a mutual company, shall not be increased by this section.
(June 19, 1934, 48 Stat. 1145, ch. 672, ch. III, § 8; May 4, 1950, 64 Stat. 104, ch. 157, § 4; Aug. 31, 1964, 78 Stat. 764, Pub. L. 88-556, § 1; Aug. 14, 1973, 87 Stat. 303, Pub. L. 93-89, title II, § 201(1), (2).)
Prior Codifications1981 Ed., § 35-608.
1973 Ed., § 35-508.
Section ReferencesThis section is referenced in § 31-308.
Cross ReferencesIndependent certified public accountant report, minimum capital and surplus requirement, see § 31
References in Text“The effective date of this subsection,” referred to in subsection (b) of this section, is prescribed by § 5 of the Act of August 31, 1964, 78 Stat. 764, Pub. L. 88-557.