Associations using a basis rate whose risks consist principally of store buildings and their contents, manufacturing establishments, public garages, lumber yards, office buildings, hotels, theaters, moving picture houses, stocks of implements or automobiles, shall maintain at all times net assets equal to forty percent of one annual assessment at the basis rate charged for such insurance on all policies in force, less deductions for reinsurance in authorized companies or associations; and may provide in its bylaws and specify in its policies the maximum liability of its members to the association; such liability shall not be less than a sum equal to the basis rate charged by the association for insurance nor greater than a sum equal to three times such basis rate.
[S13, § 1759-i; C24, 27, 31, 35, 39, § 9042; C46, 50, 54, 58, 62, § 518.14; C66, 71, 73, 75, 77, 79, 81, § 518A.14]
Referred to in § 519.11
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