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(a) Any corporation shall hereafter be organized under the laws of this state relating to private corporations not for pecuniary profit, insofar as the laws are not inconsistent with this chapter.
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(b)
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(1) Upon adoption of an amendment to its articles of incorporation or bylaws, the corporation shall make in duplicate under its corporate seal a certificate setting forth the amendment and the date and manner of its adoption.
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(2) The certificate shall be:
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(A) Executed by the corporation’s president or vice president and secretary or assistant secretary; and
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(B) Acknowledged before an officer authorized by law to take acknowledgments of deeds.
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(3) The corporation shall deliver to the Insurance Commissioner:
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(A) A duplicate original of the certificate; and
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(B)
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(i) The filing fee that is:
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(a) Specified in § 23-61-401; or
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(b) Established by rule of the commissioner.
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(ii) The filing fee is not refundable.
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(4) If the commissioner finds that the certificate and the amendment comply with the law, the commissioner shall:
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(A) Endorse his or her approval upon each of the duplicate originals;
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(B) Place one (1) set on file in his or her office; and
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(C) Return the remaining set to the corporation for its corporate records.
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(5) The amendment shall be effective when the commissioner has endorsed his or her approval on the certificate.
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(6) If the commissioner finds that the proposed amendment or certificate does not comply with the law, the commissioner shall:
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(A) Not approve the certificate;
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(B) Return the duplicate certificate to the corporation with his or her written statement of reasons for not approving the certificate; and
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(C) Retain the filing fee.
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