When applying for an original certificate of authority, a county mutual insurer must be otherwise qualified therefor under this title, and it must have received acceptable applications from twenty–five persons for substantial insurance, aggregating at least one hundred thousand dollars; and such applicants must have given to the insurer the obligations referred to in § 58-35-41, or paid the premium required, subject to the insurer qualifying to transact insurance.

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Source: SL 1966, ch 111, ch 17, § 11 (1).