§ 26-202. Capital and surplus requirements

   (a) Motor clubs with capital stock. -- To qualify for a license to engage in the business of a motor club, a motor club with capital stock must have and maintain:

   (1) paid-in capital stock with a fixed nominal or par value in an amount not less than $ 5,000; and

   (2) surplus in an amount not less than $ 10,000.

(b) Motor clubs without capital stock. -- A motor club formed under the laws of the State without paid-in capital stock shall have and maintain unencumbered assets, in addition to required reserves and other liabilities, in an amount equal to that required under subsection (a) of this section.

HISTORY: An. Code 1957, art. 48B, § 3A; 1996, ch. 11.