33-3-208. Formation of mutuals -- failure to qualify. If the proposed domestic insurer fails to complete its organization and to secure its original certificate of authority within 1 year after the date of its certificate of incorporation, its corporate powers shall cease and the commissioner shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under 33-3-207.
History: En. Sec. 429, Ch. 286, L. 1959; R.C.M. 1947, 40-4712.