IC 27-8-1-4: Statement of initial applications and deposit of first assessment

Sec. 4. Before the charter is granted to such a corporation, it shall file its statement, sworn to by at least two (2) of its executive officers, with the proper state officers, showing that application has been made for not less than two hundred thousand dollars ($200,000) insurance by not less than one hundred (100) persons, and that the amount of the first assessment on each policy or certificate has been deposited in the bank to the credit of the mortuary fund; and it shall be lawful for any corporation, association, or society, or its agents, to solicit and secure business to that amount, for the purpose provided in this chapter, before its charter shall have been granted.