§ 49-4-108. Deposit of Funds
All scholarship funds shall be deposited in special funds or trust funds established for the purpose of depositing all funds, contributions, donations, pledged earnings, interest, income and dividends, except enrollment fees and dues as set forth in § 49-4-103(b)(2), to be used exclusively and solely for scholarships and educational benefits for members found eligible and […]
§ 49-4-109. Financial Statements and Examinations
Each corporation shall annually, on or before March 1 after the end of the fiscal year, file with the commissioner a statement showing the financial condition of the corporation as of the last day of the fiscal year in the form and containing the information the commissioner requires. The report shall be verified by a […]
§ 49-4-110. Revocation of Authorization
The commissioner shall have the power to revoke the certificate of authority or bring proceedings for the dissolution or liquidation of a corporation pursuant to regulations promulgated by the commissioner relating to notice, hearing and opportunity for review, whenever the commissioner finds that: The corporation is being operated for profit; The affairs of the corporation […]
§ 49-4-111. Tax Exemption
Every corporation holding a certificate of authority under this part and its officers, agents and solicitors shall be exempt from the payment of any occupational license taxes levied by virtue of any of its activities or those of its officers, agents or solicitors authorized under this part.
§ 49-4-112. Violations — Penalties
Any person, firm or corporation that violates this part commits a Class C misdemeanor. The willful making of any false and material statement on any report to or required by the commissioner constitutes perjury and is punishable as perjury.
§ 49-4-104. Unauthorized Solicitation or Advertising
It is unlawful for any person, firm, corporation or corporation for profit to: Solicit funds for the operation of any plan, except as provided in this part; or Advertise any plan prior to the approval of the advertisement by the commissioner, to prevent material misrepresentation of law or fact with regard to the plan.
§ 49-4-105. Corporations Administering Plans
Any five (5) or more persons may, pursuant to title 48, Chapters 51 68, form a corporation not for profit for the purpose of establishing, maintaining and operating a plan or plans subject to regulation under this part. Every corporation so organized and licensed under this part shall be deemed to be a charitable and […]
§ 49-4-106. Participation by Financial Institutions
All banks and trust companies, industrial savings banks, building and loan associations and savings and loan associations are authorized to participate in scholarship plans operating under this part.
§ 49-4-107. Certificate of Authority
No corporation shall commence or continue operation in this state or advertise any plan subject to regulation under this part prior to the issuance to it of a certificate of authority by the commissioner. Applications for a certificate of authority shall be made on forms prescribed by the commissioner and shall contain such information as […]
§ 49-4-101. Part Definitions
As used in this part, unless the context otherwise requires: “Commissioner” means the commissioner of commerce and insurance; “Corporation” means a corporation or association not for profit authorized to administer a plan in the state; “Fiscal year” means the period beginning January 1 and ending December 31 of each year; “Member” means any person who […]