1. (a) Upon presentation of articles of incorporation that comply with the requirements of this chapter, if the secretary of state finds that the articles of incorporation conform to law, the secretary of state shall do the following:

   1. (1) Endorse the secretary of state's approval upon the duplicate copies of the articles.

   2. (2) When all fees have been paid as required by law:

      1. (A) file one (1) copy of the articles in the secretary of state's office; and
      2. (B) issue a certificate of incorporation to the incorporators.
   3. (3) Return the certificate of incorporation, together with the remaining copy of the articles of incorporation bearing the endorsement of the secretary of state's approval, to the incorporators or their representative.

2. (b) Upon the issuance of the certificate of incorporation by the secretary of state under subsection (a):

   1. (1) the corporate existence of the association begins;
   2. (2) all subscriptions to membership, subscriptions for shares of the association, or subscriptions to membership and for shares of the association are considered to be accepted by the association; and
   3. (3) the subscribers are considered to be members, shareholders, or members and shareholders of the association.

3. (c) The certificate of incorporation issued by the secretary of state under this section is conclusive evidence of the fact that the association has been incorporated and of the corporation's right to transact business and to incur indebtedness.

   [Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-7(b); subsection (b) formerly 15-7-1-7(c).]

As added by P.L.2-2008, SEC.3.