Sec 6-411. Subscription to capital and temporary organization

Upon receipt of the permit to organize an association, the applicants shall constitute the organization committee and shall perfect a temporary organization by electing a chairman, vice chairman, and a secretary, who shall act as the temporary officers of such association until their successors are duly elected and qualified. Such temporary officers thereupon shall proceed to:

1. Secure subscriptions for the required amount of capital in form and manner approved by the superintendent.

2. Call a meeting of subscribers, who shall adopt articles of incorporation and elect directors to serve until the first annual meeting of the association and until their successors are elected and qualified.

3. The directors so elected shall proceed to:

(a) Organize as a board and qualify as directors.

(b) Adopt by-laws.

(c) Elect officers pursuant to the by-laws.

(d) Collect subscriptions to the required capital, but only after the persons designated to collect such subscriptions have been bonded as provided in section 6-420.

(e) Take such other action as may be necessary to complete the organization.

(f) Report the completion of the organization to the superintendent. Unless such report is made to the superintendent within six months after the date of the permit to organize, the permit shall be deemed revoked and any subscriptions collected shall be refunded unless the superintendent, upon good cause shown, shall extend the time for filing such report for a fixed period which shall not exceed three months.