§ 4-209. Fund payments before beginning business

Latest version.

   (a) Form and evidence of payment. -- Payment to the initial guaranty fund shall be:

   (1) Made in money; and

   (2) Evidenced by transferable deferred payment certificates.

(b) Form of certificates. -- The approval of the Commissioner is required as to:

   (1) The form of the transferable deferred payment certificates;

   (2) The rate of interest that the holder of a certificate will be entitled to receive; and

   (3) The terms under which and the pro rata installments by which the holder of a certificate will be repaid.

HISTORY: CA § 6-107; 1980, ch. 33, § 2; 1996, ch. 326, § 2.

                    
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