Section 7504. The guaranty fund

(a)  The  corporation  shall provide a
  guaranty fund from which all corporate administrative costs may be  paid
  as  well as such payments and advances as may be made in connection with
  any assumption, reinsurance or guaranty agreement. Such  fund  shall  be
  raised  by  assessments  which  may  be  made  from  time to time by the
  corporation upon all member companies in proportion  to  their  admitted
  assets  as shown by their annual statements required by this chapter for
  the year next preceding the date of such assessment.  The  net  realized
  gains  and  income  from  investments  of  the fund shall belong, and be
  refunded, to the contributors in proportion to the  amounts  contributed
  by  them.  The  corporation  may  provide  by  resolution  or by-law the
  necessary procedure for making assessments, the payment thereof, and the
  refund of any net realized gains and  income  from  investments  of  the
  fund.
    (b)  The amount of the fund shall be kept at such a sum as will enable
  the corporation to meet its immediate obligations and liabilities.
    (c) Upon payment of assessments the corporation  shall  issue  to  the
  contributors   certificates  showing  the  dates  and  amounts  of  such
  payments,  and  any  other  matters  deemed  proper.   All   outstanding
  certificates  shall  be  of  equal  dignity and priority irrespective of
  amounts or dates of issue. Such certificates may be  carried  by  member
  companies   as   admitted   assets  to  the  extent  authorized  by  the
  superintendent.
    (d) Whenever the amount of the fund exceeds the immediate requirements
  of the  corporation,  with  the  approval  of  the  superintendent,  the
  corporation  may  distribute  such excess by retirement of the aforesaid
  certificates previously issued or any part  thereof.  Such  distribution
  shall  be  made  pro  rata  upon  the basis of outstanding certificates,
  except that by unanimous consent of  all  the  directors  and  with  the
  approval  of  the  superintendent  any other method of retirement of the
  certificates may be adopted.
    (e) Upon dissolution of the fund by the  repeal  of  this  article  or
  otherwise,  the fund shall be distributed in the manner provided for the
  repayment or retirement of certificates. If the amount of  the  fund  at
  the time of dissolution exceeds the outstanding certificates, the excess
  shall  be  paid  in  such  equitable  manner as shall be approved by the
  superintendent.
    (f) The aggregate of the outstanding certificates  shall  at  no  time
  exceed fifty million dollars.