Any person complying with the provisions of §§ 10-50-25 to 10-50-28 , inclusive, shall thereupon become a licensed distributor within the meaning of this chapter and shall be subject to all provisions of this chapter applicable to licensed distributors. Source: SL 1937, ch 243 , § 9; SDC 1939, § 57.3909; SL 1951, ch 452 , § 6.