§ 6603. Incorporation of co-operative property/casualty insurance\ncompanies. (a) A corporation may be organized and licensed as an advance\npremium corporation or as an assessment corporation in the manner\nprescribed in this section and subject to any other applicable\nrequirements of this chapter. The successive steps shall be as follows:\n (1) The proposed incorporators, who shall be natural persons not less\nthan thirty in number, shall submit to the superintendent in writing,\nthe proposed name of the corporation, which shall include the word\n"co-operative," and the county in which its principal office will be\nlocated, and the name and address of a public newspaper of general\ncirculation in said county. Such proposed incorporators shall also\nsubmit at the same time statements subscribed and affirmed by them as\ntrue under the penalties of perjury, in such form as the superintendent\nmay require, which shall show that each incorporator is the true and\nbona fide owner of improved real property worth not less than two\nthousand dollars; that the real property so owned by such incorporators\nis worth in the aggregate not less than two hundred thousand dollars;\nand that such real property is located wholly within the territory\nwherein the corporation desires to do business.\n (2) If the superintendent approves the proposed name of the\ncorporation and the designated newspaper, each as conforming to the\nrequirements of law, and if he finds that the affidavits required by\nparagraph one hereof are sufficient in form and substance, he shall\nnotify the proposed incorporators, or their representative, in writing.\nSuch approval shall become void if within six months from the date\nthereof the declaration and charter have not been filed pursuant to this\nsection. However, upon application made prior to the expiration of such\nsix months, the superintendent for good cause shown in such application\nmay extend such approval for an additional period not to exceed six\nmonths.\n (3) The proposed incorporators shall cause to be published in the\napproved newspaper, twice a week for three successive weeks, or once a\nweek for six successive weeks, a notice of intention to form such a\ncorporation, stating its proposed name, the kind or kinds of insurance\nbusiness to be transacted and whether on the advance premium plan or\nassessment plan, the names and respective residence addresses of the\nproposed incorporators, and the location of its principal office in this\nstate.\n (4) The proposed incorporators shall submit to the superintendent\nproof of such publication by the statement of the publisher or of his\nforeman or clerk, subscribed and affirmed by him as true subject to the\npenalties of perjury, and a declaration subscribed and affirmed as true\nunder the penalties of perjury by each and all of the incorporators,\nsetting forth the items hereinafter specified.\n (5) Such declaration shall be in the English language, and shall state\nthe intention of the proposed incorporators to form a corporation for\nthe purpose of doing one or more kinds of insurance business specified\nin subsection (a) of section one thousand one hundred thirteen of this\nchapter and shall specify the provision or provisions of such section\ndefining the kind or kinds of insurance business, insofar as such kinds\nof insurance are specifically available to such a corporation by section\nsix thousand six hundred four or six thousand six hundred five of this\narticle, whichever is applicable. Such declaration shall also set forth\na copy of the proposed charter of the corporation, which shall contain:\n (A) The name of the proposed corporation.\n (B) The territory in this state wherein the corporation desires to do\nbusiness.\n (C) The kind or kinds of insurance to be transacted, specified as\nabove required, and whether on the advance premium or assessment plan.\n (D) The mode and manner in which its corporate powers are to be\nexercised.\n (
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