Washington § 48.06.150 - Payment for subscriptions — Forfeiture.

Full text of Washington Revised Code of Washington § 48.06.150 — Payment for subscriptions — Forfeiture., with citation guidance and answers to common questions.

§ 48.06.150. Payment for subscriptions — Forfeiture.

(1) No such proposed stock insurer, corporation, or syndicate shall issue any share of stock or participation agreement except for payment in cash or in securities eligible for investment of funds of insurers. No such shares or agreement shall be issued until all subscriptions received under the solicitation permit have been so fully paid, nor, if an insurer, until a certificate of authority has been issued to it.
(2) Every subscription contract to shares of a stock insurer or other corporation calling for payment in installments, together with all amounts paid thereon may be forfeited at the option of the corporation, upon failure to make good a delinquency in any installment upon not less than forty-five days' notice in writing, and every such contract shall so provide.
[1947 c 79 s .06.15; Rem. Supp. 1947 s 45.06.15.]

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Frequently Asked Questions About Washington § 48.06.150

What does Revised Code of Washington § 48.06.150 cover?

Section 48.06.150 ("Payment for subscriptions — Forfeiture.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 48.06.150?

A common citation format is "Revised Code of Washington § 48.06.150" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 48.06.150 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.