As soon as practicable after the filing of the certificate of organization by the applicants, the Director shall issue to the applicants a certificate of incorporation in such form as he may prescribe, if the Director, from the best information available, determines that:

1. (1) The holders of the fully paid stock of the corporation are at least 10 in number;
2. (2) Not less than $50,000 has been received in cash for the fully paid stock of the corporation;

3. (3) The bylaws and regulations submitted, if any, are in conformity with the articles of incorporation and the provisions of this Act and not in conflict with any law of this State.

   The Director shall return to the applicants one of the articles of incorporation submitted to him and shall indorse thereon the issuance by him of the certificate of incorporation.

(from Ch. 32, par. 1009)

(Source: Laws 1965, p. 577.)