§305.  Issuance of certificate of authority

A.  If the secretary of state finds that the application conforms to law, he shall, when all fees and taxes have been paid as in this Chapter prescribed:

(1)  Endorse on each of such documents the word "Filed", and the date of the filing thereof.

(2)  File in his office one copy of the application, together with a certificate of corporate existence or a certificate of good standing from the incorporating state.

(3)  Issue a certificate of authority to transact business in this state, to which he shall affix the other copy of  application, and which shall be returned to the corporation or its representative.  If the corporation's application sets forth the nature of the business which it proposes to transact in this state, the certificate of authority shall recite that the corporation's authority is limited to transaction of business of such nature.

B.  If the corporation is a banking corporation which has applied for authority to transact business in this state of some other nature, the secretary of state shall, upon receipt of its application, mail or deliver a copy thereof to the office of financial institutions.  If, within five days after such mailing or delivery, that office should deliver to the secretary of state a written objection to the issuance of a certificate of authority pursuant to such application, the secretary of state shall not issue such certificate.

Acts 1968, No. 105, §1; Acts 1985, No. 267, §1, eff. July 6, 1985; Acts 1989, No. 101, §1; Acts 1999, No. 342, §5.