Corporations in the process of organizing on July 1, 1986, may continue to organize
under former Title 31, Insurance. Any corporation so organizing that does not obtain a certificate of authority by
July 1, 1987, shall make appropriate refunds and reimbursements to subscribers, incorporators,
and creditors in accordance with a plan approved by the commissioner. This plan shall specify the date that the legal existence of the corporation terminates.
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