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(a) The legal existence of the association begins from the date of the Insurance Commissioner’s certificate authorizing it to begin business.
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(b) Thereupon the board of directors named in its articles may:
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(1) Adopt bylaws which shall be filed with the commissioner within thirty (30) days after adoption;
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(2) Accept applications for insurance; and
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(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.
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