(a) The legal existence of the association begins from the date of the Insurance Commissioner's certificate authorizing it to begin business.(b) Thereupon the board of directors named in its articles may: (1) Adopt bylaws which shall be filed with the commissioner within thirty (30) days after adoption;(2) Accept applications for insurance; and(3) Transact business of the association, except that it shall not insure any property or issue any policies until it has received a certificate of authority to transact insurance as provided for in this chapter.Acts 1959, No. 148, § 587; A.S.A. 1947, § 66-4609; Acts 1997, No. 774, § 1.
Arkansas Legal Code