Section 58-5-24 - Cessation of corporate powers upon failure of mutual insurer to secure certificate of authority--Return of trust deposit

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. Source: SL 1966, ch 111, ch 16, §13.