§ 54-118. Other corporations admitted.
§54‑118. Other corporations admitted.
All mutual corporations,companies, or associations heretofore organized and doing business under otherincorporation statutes, or which have attempted to so organize and do business,shall have the benefit of all of the provisions of this Subchapter, and bebound thereby on filing with the Secretary of State a written declaration,signed and sworn to by the president and secretary, to the effect that themutual company or association has by a majority vote of its shareholdersdecided to accept the benefits of and to be bound by the provisions of thisSubchapter. No association organized under this Subchapter shall be required todo or perform anything not specifically required herein, in order to become acorporation. (1915, c. 144, s. 16; C.S., s. 5249; 1925, c. 179, s.1; 1985, c. 542, s. 4.)