Certificate of Authority - Issuance or Refusal

If, upon completion of the application for a certificate of authority, the commissioner finds: he shall issue to the association a proper certificate of authority; if he does not so find, the commissioner shall issue his order refusing such certificate. The commissioner shall act upon an application for a certificate of authority within a reasonable period after its completion. (Acts 1935, No. 114, p. 165; Acts 1971, No. 407, p. 707, §565.)