354.075 Capital required to do business.

354.075. Capital required to do business. — No corporation subject to the provisions of sections 354.010 to 354.380 shall be permitted to do business in this state unless it shall have a paid-in capital or guaranty fund of not less than one hundred and fifty thousand dollars, in addition to the reserves required in sections 354.010 to 354.380 . The surplus and guaranty fund shall be placed and held on joint deposit with the director for the protection of all subscribers, members and beneficiaries. (L. 1973 S.B. 3 § 14, A.L. 1983 H.B. 127)