reglab/housing_qa huggingface dataset:
DC Code § 31-4411 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4411. Decrease of capital stock

A company may, with the approval of the Commissioner, amend its articles of incorporation by providing for a decrease of its capital stock and a corresponding increase in surplus to an amount not less than the minimum capital stock and surplus required by this subdivision. The Commissioner shall not approve or issue his certified copy of such amendment if he be of the opinion that the interests of policyholders or creditors may be prejudiced thereby. No distribution of the assets of the company shall be made to stockholders upon any such decrease of capital stock which shall reduce the surplus and capital stock to less than the minimum capital stock and surplus required as aforesaid. Upon any such amendment so decreasing the capital stock such company may require each stockholder to return his certificate of stock and accept a new certificate for such proportion of the amount of its original capital stock as the reduced capital stock shall bear to the original capital stock.  (June 19, 1934, 48 Stat. 1146, ch. 672, ch. III, § 11; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-611. 1973 Ed., § 35-511. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.
DC Code § 31-4412 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4412. Liability of stockholders; rights of fiduciary stockholders and persons pledging stock

(a) All the stockholders of every company incorporated under this chapter shall be severally and individually liable to the policyholders and creditors of the company in which they are stockholders for the unpaid amount due upon the shares of capital stock held by them, respectively, for all debts and contracts made by such company until the whole amount of capital stock fixed and limited by such company shall have been paid in. (b) No person holding capital stock in such company as executor, administrator, guardian, committee, or trustee shall be personally subject to any liability as stockholder of such company, but the estate and funds in the hands of such executor, administrator, guardian, committee, or trustee shall be liable in like manner and to the same extent as the testator or intestate or the ward or person interested in such trust would have been if he had been living and competent to act and hold the stock in his own name. (c) Every such executor, administrator, guardian, committee, or trustee shall represent the capital stock in his hands at all meetings of the company, and may vote accordingly as a stockholder. (d) No person holding capital stock in such company as collateral security shall be personally subject to any liability as stockholder of such company, but the person pledging such capital stock shall be considered as holding the same, and shall be liable as a stockholder accordingly; and every person who shall pledge his capital stock as collateral security may, nevertheless, represent the same at all meetings and vote as a stockholder.  (June 19, 1934, 48 Stat. 1146, ch. 672, ch. III, § 12.)  Prior Codifications 1981 Ed., § 35-612. 1973 Ed., § 35-512.
DC Code § 31-4413 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4413. Payments for capital stock

No company incorporated under this chapter shall be authorized to transact any business until the authorized capital stock shall have been actually paid in, either in cash or in investments authorized by this subdivision at market value; and it shall be lawful for the directors to call in and demand from the stockholders the residue of their subscriptions in money or property at such times and in such instalments as the directors shall deem proper, under the penalty of forfeiting the shares of capital stock subscribed for and all previous payments made thereon, if payment shall not be made by the stockholder within 60 days after a personal demand or a notice requiring such payment shall have been published once a week for 3 consecutive weeks in a daily newspaper in the District.  (June 19, 1934, 48 Stat. 1147, ch. 672, ch. III, § 13.)  Prior Codifications 1981 Ed., § 35-613. 1973 Ed., § 35-513.
DC Code § 31-4414 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4414. Capital stock transfers

(a) The capital stock of such company shall be deemed personal estate and shall be transferable in such manner as shall be prescribed by the bylaws of the company; but no shares shall be transferable until all previous calls thereon shall have been fully paid in or the shares shall have been declared forfeited for nonpayment. (b) A person in whose name shares of capital stock stand on the books of a company shall be deemed the owner thereof as regards the company, but if any such person shall in good faith sell or otherwise dispose of any of his shares of capital stock to another and deliver to him the certificates for such shares, with written authority for the transfer of the same on the books, the title of the former shall vest in the latter so far as may be necessary to effect the purpose of the sale or other disposition, not only as between the parties themselves but also as against the creditors of and subsequent purchasers from the former.  (June 19, 1934, 48 Stat. 1147, ch. 672, ch. III, § 14.)  Prior Codifications 1981 Ed., § 35-614. 1973 Ed., § 35-514.
DC Code § 31-4415 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4415. Capital stock records

(a) It shall be the duty of the directors of every domestic stock company to cause a record to be kept by the treasurer or secretary of the company or by the stock transfer agent of the company containing the names of all persons, alphabetically arranged, who are or shall within 6 years have been stockholders of such company, and showing their place of residence, the number of shares of capital stock held by them, respectively, the time when they became owners of such shares, and the amount of capital stock actually paid in. (b) Such record shall, during the usual business hours of the day, on every business day, be open for inspection by policyholders, stockholders, creditors of the company, and the personal representatives of such policyholders, stockholders, and creditors at the office or principal place of business of such company in the place where its business operations shall be located in the District of Columbia, or at the office of the stock transfer agent located in the District of Columbia, and any policyholder, stockholder, creditor, or representative shall have a right to make extracts from such record. (c) Such record shall be presumptive evidence of the facts therein stated in favor of the plaintiff in any suit or proceeding against such company or against any 1 or more stockholders. (d) Every officer, stock transfer agent, or any other agent of any company who shall neglect to make any proper entry in such record, or shall refuse or neglect to exhibit the same, or allow the same to be inspected and extracts to be taken therefrom, as herein provided, shall be deemed guilty of a misdemeanor and the company shall pay to the party injured a penalty of $50 for any such neglect or refusal, and all damages resulting therefrom. (e) Every company that shall neglect to have such record kept open for inspection, as herein provided, shall forfeit to the District the sum of $50 for every day it shall so neglect, to be sued for and recovered by the Commissioner, the Corporation Counsel representing him, in the Superior Court of the District of Columbia.  (June 19, 1934, 48 Stat. 1147, ch. 672, ch. III, § 15; June 25, 1936, 49 Stat. 1921, ch. 804; June 25, 1948, 62 Stat. 991, ch. 646, § 32(b); May 24, 1949, 63 Stat. 107, ch. 139, § 127; Aug. 20, 1964, 78 Stat. 556, Pub. L. 88-458,§ 1; July 29, 1970, 84 Stat. 572, Pub. L. 91-358, title I, § 155(c)(37)(C); May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-615. 1973 Ed., § 35-515. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.
DC Code § 31-4416 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4416. Mutual companies — Corporations, boards, or associations as agents or members thereof

Public or private corporations, boards, or associations of the District or elsewhere may make applications, enter into agreements for, hold policies in, and become members of mutual companies. Any officer, stockholder, trustee, or legal representative of any such corporation, board, association, or of an estate may be recognized as acting for or on its behalf, but shall not be personally liable by reason of acting in such representative capacity.  (June 19, 1934, 48 Stat. 1148, ch. 672, ch. III, § 16.)  Prior Codifications 1981 Ed., § 35-616. 1973 Ed., § 35-516.
DC Code § 31-4417 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4417. Mutual companies — Requirements before doing business

No domestic mutual company shall transact any business until at least 200 persons shall have subscribed in the aggregate for at least $200,000 of insurance and shall have paid in full 1 annual premium in money upon the insurance so subscribed.  (June 19, 1934, 48 Stat. 1148, ch. 672, ch. III, § 17.)  Prior Codifications 1981 Ed., § 35-617. 1973 Ed., § 35-517. Cross References Prohibition against assessment companies, see § 31-4331.
DC Code § 31-4418 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4418. Reincorporation of existing corporations

(a) Any domestic insurance corporation existing or doing business on June 19, 1934, may, by a vote of a majority of its directors or trustees, accept the provisions of this subdivision and amend its charter to conform with the same upon obtaining the consent of the Commissioner thereto in writing, and filing such consent in the Officer of the Recorder of Deeds for the District; and thereafter it shall be deemed to have been incorporated under this chapter, and every such corporation in reincorporating under this provision may for that purpose so adopt in whole or in part a new charter, in conformity herewith, and include therein any and all provisions of its existing charter, and any or all changes from its existing charter, to cover and enjoy any or all the privileges and provisions of existing laws which might be so included and enjoyed if it were originally incorporated hereunder, and it shall, upon such adoption of and after obtaining the consent, as in this section before provided, to such charter and filing the same with the Commissioner and the record thereof with the Recorder of Deeds of the District, perpetually enjoy the same as and be such corporation, which is declared to be a continuation of such corporation which existed prior to such reincorporation; and the offices therein which shall be continued shall be filled by the respective incumbents for the period and the same general proceedings shall be taken upon the presentation of such amended charter or certificate adopted in relation to such amendment, to the Commissioner, as are required by this chapter to be taken with respect to an original charter or certificate, except that no examination of the condition and affairs of such corporation shall be required unless so ordered by the Commissioner, and if the amended charter or certificate be approved by the Commissioner and his certificate of authority to do business thereunder is granted, the corporation shall thereafter be deemed to possess the same powers and be subject to the same liabilities as if such charter or certificate so amended had been its original charter or certificate of incorporation, but without prejudice to pending action or proceeding or any rights previously accrued. (b) Upon the reincorporation or upon the amendment of the charter of any corporation having a capital stock in accordance with the provisions of this section it may by a vote of the majority of its directors confer upon its policyholders as may have a prescribed amount of insurance upon their lives the right to vote for all or any less number of the directors in such manner not inconsistent with any provision of this subdivision.  (June 19, 1934, 48 Stat. 1148, ch. 672, ch. III, § 18; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730.)  Prior Codifications 1981 Ed., § 35-618. 1973 Ed., § 35-518. Editor's Notes Department of Insurance abolished: See Historical and Statutory Notes following § 31-4402.
DC Code § 31-4420 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4420. Applicability of provisions to existing corporations

Every company incorporated under the provisions of the laws of the District, or act of Congress, prior to June 19, 1934, is hereby brought under all the provisions of this subdivision, except that its capital may continue in the amount named in its charter during the existing term thereof, unless it extends its business to other kinds of insurance, and it shall be entitled to all privileges granted by such charter not authorized by this law.  (June 19, 1934, 48 Stat. 1149, ch. 672, ch. III, § 20.)  Prior Codifications 1981 Ed., § 35-620. 1973 Ed., § 35-520.
DC Code § 31-4421 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4421. Directors — Annual election; qualifications; limitation on proxies

The stock, property, and business of every company organized under this subdivision shall be managed by the directors who shall, except for the 1st year, be annually elected, at such time and place as shall be determined by the bylaws of the company. All proxies used in the election of directors of such companies shall be valid for a period not exceeding 1 year from the election for which they were signed and in which they were authorized to be voted.  (June 19, 1934, 48 Stat. 1149, ch. 672, ch. III, § 21; Mar. 8, 2007, D.C. Law 16-232, § 205(b)(2), 54 DCR 368.)  Prior Codifications 1981 Ed., § 35-621. 1973 Ed., § 35-521. Section References This section is referenced in § 31-735. Effect of Amendments D.C. Law 16-232 deleted the second sentence, which had read: “Every director of such a stock company shall be a stockholder thereof, and every director of such a mutual company shall be a policyholder thereof.” Cross References Mutual insurance holding company, membership interest, see § 31-735. Quo warranto proceedings to question right to corporate office, see § 16-3501 et seq.
DC Code § 31-4422 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4422. Directors — Power to make bylaws

The directors of companies organized under this subdivision shall have power to make such bylaws as they deem proper for the management of the business affairs of such company, not inconsistent with the laws of the District and the Constitution of the United States, and prescribing the duties of officers, employees, and servants that may be employed, for the appointment or election of all officers, and for carrying on all kinds of business within the objects and purposes of such company.  (June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 22.)  Prior Codifications 1981 Ed., § 35-622. 1973 Ed., § 35-522.
DC Code § 31-4423 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4423. Directors — General election procedure

(a) Notice of the time and place of holding election of directors of a company organized under this subdivision shall be sent to those entitled to vote, and the election shall be made by such of the stockholders and/or policyholders as shall attend for that purpose, either in person or by proxy. All elections shall be by ballot, and the persons receiving the greatest number of votes shall be directors. When any vacancy shall happen among the directors it shall be filled for the remainder of the year in such manner as shall be prescribed by the bylaws of the company. (b) In case it shall happen at any time that an election of directors shall not be made on the day designated by the bylaws of said company when it ought to have been made, the company shall not for that reason be dissolved, but it shall be lawful on any other day to hold an election for directors in such manner as may be provided in the bylaws, and all acts of directors shall be valid and binding as against said company until their successors shall be elected.  (June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 23.)  Prior Codifications 1981 Ed., § 35-623. 1973 Ed., § 35-523.
DC Code § 31-4424 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4424. Directors — Cumulative voting in stock company election

In an election for directors of any stock company in which the policyholders do not vote, each stockholder having a right to vote may cast the whole number of his votes for 1 candidate, or distribute them upon 2 or more candidates, as he may prefer, that is to say: If the stockholder having a right to vote owns 1 share of stock, or has 1 vote, or is entitled to 1 vote for each of 7 directors by virtue thereof, he may give 1 vote to each of said 7 directors, or 7 votes for any 1 thereof, or a less number of votes for any less number of directors, whatever may be the actual number to be elected, and in this manner may distribute or cumulate his votes as he may see fit.  (June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 24.)  Prior Codifications 1981 Ed., § 35-624. 1973 Ed., § 35-524.
DC Code § 31-4425 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4425. Voting powers under group policies

In every group policy issued by a domestic life company the employer shall be deemed to be the policyholder for all purposes, within the meaning of this chapter, and, if entitled to vote at meetings of the company, shall be entitled to 1 vote thereat.  (June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 25.)  Prior Codifications 1981 Ed., § 35-625. 1973 Ed., § 35-525.
DC Code § 31-4426 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4426. Liability of directors

The directors of any company organized under the laws of the District shall be personally liable when they have participated in or assented to any act which shall cause injury to policyholders, creditors, or stockholders resulting from: (1) ultra vires acts; (2) illegal corporate acts done with their connivance, knowledge, or consent; (3) issuing unpaid or part-paid stock and marking or representing it as paid up in full; (4) dividend payments declared whether negligently or purposely impairing the capital stock and minimum surplus; (5) mismanagement; (6) loaning corporate funds to stockholders or discounting their notes out of corporate moneys; (7) making false notices or reports that deceive the public; or, (8) transferring property to officers or stockholders to defraud policyholders or creditors. If any of the directors shall object to declaring a dividend or the payment of the same, and shall, at any time before the time fixed for the payment thereof, file a certificate of their objections in writing with the secretary of the company and with the Commissioner, they shall be exempt from the liability prescribed in this section for dividends declared or paid impairing the capital stock and minimum surplus.  (June 19, 1934, 48 Stat. 1150, ch. 672, ch. III, § 26; May 21, 1997, D.C. Law 11-268, § 10, 44 DCR 1730; Mar. 24, 1998, D.C. Law 12-81, § 24(b), 45 DCR 745.)  Prior Codifications 1981 Ed., § 35-626. 1973 Ed., § 35-526.
DC Code § 31-4427 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4427. Salaries to be authorized by directors

No domestic company shall pay any salary, compensation, or emolument to any officer, trustee, or director thereof, amounting in any 1 year to more than $5,000, unless such payment shall be authorized by the board of directors of the company.  (June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 27.)  Prior Codifications 1981 Ed., § 35-627. 1973 Ed., § 35-527. Section References This section is referenced in § 31-3503. Cross References Hospital and medical services corporation, applicability of this section, see § 31-3503.
DC Code § 31-4428 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4428. Limitation of payments to stockholders and policyholders

No domestic company shall make any payments in form of dividends or otherwise to its stockholders for or on account of any interest in or relation to the company as stockholders unless it possesses assets in the amount of such payment in excess of its liabilities, including its capital stock, and the surplus required by this subdivision; and no domestic company shall make any payments to its policyholders for or on account of any interest in or relation to the company as members or policyholders except for matured claims or other policy obligations and in the purchase of surrender values unless it possesses assets in the amount of such payments in excess of its liabilities, and the capital stock and surplus required by this subdivision.  (June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 28.)  Prior Codifications 1981 Ed., § 35-628. 1973 Ed., § 35-528.
DC Code § 31-4429 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 44 - Domestic Life Companies|§ 31-4429. Election or appointment of officers; required security

There shall be a president, a secretary, and a treasurer of the company, who shall be elected by the directors; and also such subordinate officers as may be elected or appointed, and who may be required to give security for the faithful performance of the duties of their office, as this subdivision and the company by its bylaws may require.  (June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 29.)  Prior Codifications 1981 Ed., § 35-629. 1973 Ed., § 35-529. Section References This section is referenced in § 31-3503. Cross References Hospital and medical services corporation, applicability of this section, see § 31-3503. Quo warranto proceedings to question right to corporate office, see § 16-3501 et seq.