TITLE 33 INSURANCE

Section 16. Farmers' Mutual Fire Insurance Companies, 33-16-1 through 33-16-22.

ARTICLE 7 MISCELLANEOUS PROVISIONS

33-16-7. Power of board to borrow money and pledge assets of company.

The board of directors of a farmers' mutual fire insurance company may, at any time, borrow such sum or sums of money as they may deem necessary to pay its losses, accrued or unaccrued, and may pledge the assets of the company including the contingent liability of policyholders for the losses as security for the loan.

(Code 1933, § 56-2014, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.)