South Dakota Statutes
§ 58-5-24 — Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority--Return of trust deposit.
If the proposed domestic insurer fails to secure its certificate of authority within one year from the date of its certificate of incorporation, its corporate powers shall cease, and the director shall cause to be returned to the persons entitled thereto all sums held in trust under § 58-5-19 .
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South Dakota § 58-5-24 (Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority--Return of trust deposit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1966, ch 111, ch 16, § 13.
Nearby Sections
15
§ 58-1-1
Citation of title.§ 58-1-11
General saving clause.§ 58-1-13
Severability of provisions.§ 58-1-14
Notice of nonrenewal of policy must be mailed sixty days prior to renewal date--Exceptions.§ 58-1-14.1
Notice of refusal to renew--Thirty§ 58-1-16.1
Applicability of §§ 58-1-18
Repealed by SL 2012, ch 252, § 30.§ 58-1-2
Definition of terms.