1. Any association, society or company duly incorporated under the laws of this state, having a bona fide membership of not less than five hundred persons in good standing, and who hold policies or certificates of insurance therein in the aggregate of not less than five hundred thousand dollars, may either reincorporate, as herein provided for incorporation, or become entitled to do business in this state under the provisions of sections 377.010 to 377.190 in the manner following: A declaration duly authorized by such corporation, attested by its president and secretary, and with its corporate seal attached, accompanied by a copy of its charter, bylaws, rules and regulations, shall be filed in the office of the director of the department of commerce and insurance showing the number of its members in good standing, the aggregate amount of insurance held by them, and that it has the amount of one full assessment upon its members paid in and deposited to its credit in bank, and that it accepts fully and unconditionally the provisions and requirements of sections 377.010 to 377.190, and will conform to and abide by the same in good faith.

2. The said director shall thereupon issue his certificate to such corporation, setting out the fact that, having complied with the provisions of sections 377.010 to 377.190 in all respects, it is then permitted and authorized to do business in this state under the supervision and control of said department, and subject to the provisions of sections 377.010 to 377.190.