§ 26.1-16-15 — Preliminary applications required before issuance of certificate of authority - Bank certificate - Issuance of certificate of authority

authority - Bank certificate - Issuance of certificate of authority.
Before a benevolent society may issue a certificate of membership, it must have actual
applications for certificates from at least three hundred persons upon which certificates may be
issued simultaneously. The applications, together with a certificate from a solvent bank stating
that there has been deposited to the account of the society an amount which is determined by
the preliminary applications presented as constituting the entire proceeds of membership fees
collected, must be submitted to the commissioner. Upon submission to the commissioner of the
preliminary applications, the bank certificate, and any evidence of compliance with this chapter
which the commissioner requires, the commissioner may issue to the society a certificate of
authority to expire on the thirtieth day of April following the date thereof.