No domestic assessment association shall begin to transact the business of insurance until (1) its bylaws, stating in detail its scheme and method of doing business, shall have been approved by the Department of Insurance; and (2) it has received one hundred or more applications for membership, and shall have received in cash the proceeds of one assessment, unless formed to insure grain elevators and contents, warehouses, coal sheds, lumber yards and flour mills, in which case there shall be not less than fifty applications for membership. Every amendment to a bylaw, which in any manner changes the scheme or method of doing business, must be approved by the Department of Insurance before it shall take effect.
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