Sec 6-412. Completion of organization

A. When the board of directors has organized as provided in this chapter and the report of such organization has been filed with the superintendent, he shall make a thorough examination into the affairs of the proposed association, and if he approves the articles of incorporation and is satisfied that all the requirements of this chapter have been complied with, and that no intervening circumstance has occurred to change the superintendent's findings made pursuant to this chapter, upon payment into the superintendent's office of the fees for such examination, he shall issue a certificate authorizing the filing of the articles of incorporation with the corporation commission and the taking of the other steps required by title 10, to complete the formation of a corporation. Upon the appointment of a statutory agent and the issuance of a certificate of incorporation by the corporation commission and the payment into escrow with a responsible corporate escrow agent approved by the superintendent of the amount of the initial capital required by this chapter, the superintendent shall issue a permit conditioned upon the association securing within twelve months from the date of such permit insurance of its insurable accounts by an insurance corporation and the rules and regulations of such corporation.

B. Unless such insurance is secured within such period the permit shall be deemed revoked unless the superintendent, upon good cause shown, shall extend the time for securing such insurance for a single fixed period which shall not exceed six months. The association shall not operate as a savings and loan association under the laws of this state or transact any other business than that necessary to secure such insurance until it has secured such insurance. If such insurance is not secured within the time provided by this chapter or as extended by the superintendent, all amounts collected as subscriptions to the required capital shall be returned to the subscribers without reduction.