515.10 - SUBSCRIPTIONS OF STOCK -- APPLICATIONS.
515.10 SUBSCRIPTIONS OF STOCK -- APPLICATIONS. After compliance by the incorporators with sections 515.1 and 515.2, the secretary of state shall certify the articles of incorporation to the commissioner of insurance. When the commissioner of insurance is satisfied that all provisions of law in relation to the promotion and organization of said corporation, including sections 506.4 to 506.6, have been complied with, the commissioner shall issue a certificate to that effect, and thereupon such corporation may open books for subscriptions to the stock of stock companies or if a mutual company take applications and receive premiums for insurance at such times and places as it may find convenient, and may keep such books open until the full amount required is subscribed or taken, or the time granted therefor has expired, or until an order is issued by the commissioner of insurance to desist for failure to comply with the provisions of law in reference thereto.
Section History: Early Form [C73, § 1125; C97, § 1694; C24, 27, 31, 35, 39, § 8917; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.25]
Section History: Recent Form 2007 Acts, ch 152, §2 CS2007, §515.10 Referred to in § 511.23