(a) The legal existence of the association begins from the date of the Insurance Commissioner's certificate authorizing it to begin business.
(b) Thereupon the board of directors named in its articles may:
(1) Adopt bylaws which shall be filed with the commissioner within thirty (30) days after adoption;
(2) Accept applications for insurance; and
(3) Transact business of the association, except that it shall not insure any property or issue any policies until it has received a certificate of authority to transact insurance as provided for in this chapter.
Section: Previous 23-73-102 23-73-103 23-73-104 23-73-105 23-73-106 23-73-107 23-73-110 23-73-111 23-73-112 23-73-113 23-73-114 23-73-115 23-73-116 23-73-117 NextLast modified: November 15, 2016