38.2-1003 - When corporate status attained; bylaws filed with Commission. - Virginia Statutes

§ 38.2-1003. When corporate status attained; bylaws filed with Commission.

A domestic mutual insurer shall have legal existence as soon as the charterhas been recorded with the Commission, after which the board of directorsnamed in the charter may adopt bylaws and accept applications for insurance.However, no insurance shall be put in force until the insurer has beenlicensed to transact the business of insurance as provided by this chapter.The bylaws and any amendments shall be filed with the Commission withinthirty days after adoption.

(Code 1950, § 38-503; 1952, c. 317, § 38.1-76; 1986, c. 562.)