District of Columbia § 31-4403 Formation — Corporate powers during completion of organization; issuance of certificate of authority.

District of Columbia Statutes

§ 31-4403 — Formation — Corporate powers during completion of organization; issuance of certificate of authority.

District of Columbia·Title 31 Insurance and Securities.·Ch. 44 Domestic Life Companies.

(a)The Commissioner shall examine the proposed articles and other papers so filed with him and, if he finds the same in accordance with law, he shall so certify and return the same to the Commissioner, who shall cause the articles and the certificate of the Corporation Counsel to be recorded in the records of the Commissioner and issue to the incorporators 2 certified copies thereof, one of which shall be recorded in the Office of the Recorder of Deeds for the District of Columbia, and thereupon such incorporators and their associates shall become and be a body corporate with power to sue and be sued, contract and be contracted with, adopt a seal, and do such other acts, subject to the provisions of this subdivision, as shall be needful to accomplish the purposes of its organization. If t

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(a) The Commissioner shall examine the proposed articles and other papers so filed with him and, if he finds the same in accordance with law, he shall so certify and return the same to the Commissioner, who shall cause the articles and the certificate of the Corporation Counsel to be recorded in the records of the Commissioner and issue to the incorporators 2 certified copies thereof, one of which shall be recorded in the Office of the Recorder of Deeds for the District of Columbia, and thereupon such incorporators and their associates shall become and be a body corporate with power to sue and be sued, contract and be contracted with, adopt a seal, and do such other acts, subject to the provisions of this subdivision, as shall be needful to accomplish the purposes of its organization. If the Commissioner shall approve the sureties on the bond so filed, or on any like bond substituted therefor, he shall issue to the corporation a permit, as a “company in course of organization,” authorizing it to complete its organization. Said company in course of organization shall have authority under such permit to solicit subscriptions and payments for capital stock, if a stock company, and applications and advance premiums for insurance, and to exercise such powers, subject to the limitations in this subdivision prescribed, as may be necessary and proper in completing its organization and qualifying itself for a certificate of authority from the Commissioner to transact the business of insurance appertaining to persons. But such company shall not issue policies or enter into contracts of insurance until it shall have received the certificate of the Commissioner authorizing it so to do.

(b) Upon completion of organization in accordance with this subdivision the Commissioner shall issue to such company, in course of organization, a certificate of authority as an insurance company.

District of Columbia § 31-4403 (Formation — Corporate powers during completion of organization; issuance of certificate of authority.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

June 19, 1934, 48 Stat. 1144, ch. 672, ch. III, § 3; May 21, 1997, D.C. Law 11-268, § 10(k), 44 DCR 1730; Mar. 8, 2007, D.C. Law 16-232, § 205(b)(1), 54 DCR 368