33-22-804. Corporate powers of association -- examination of books. (1) Any association formed for the purposes of this part may hold title to property, may enter into contracts, and may limit the liability of its members to their respective pro rata shares of the liability of the association. An association may sue and be sued in its associate name and for that purpose only must be treated as a domestic corporation. Service of process against the association made upon a managing insurance producer, any member of the association, or any insurance producer authorized by appointment to receive service of process has the same force and effect as if service had been made upon all members of the association.
     (2) The association's books and records must also be subject to examination under the provisions of 33-1-315, 33-1-316, 33-1-401, 33-1-402, 33-1-409, 33-1-411, and 33-1-413, either separately or concurrently with examination of any of its member insurers.

     History: En. Sec. 5, Ch. 61, L. 1965; R.C.M. 1947, 40-5405; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 68, Ch. 596, L. 1993.