Section 53-17-8 — Effect of [certificate of] authority.

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53-17-8. Effect of [certificate of] authority.

Unless the commission disapproves pursuant to Subsection A of Section 53-18-2 NMSA 1978, upon delivery of the application for a certificate of authority to the commission, the corporation shall be authorized to transact business in this state for those purposes set forth in its application, subject, however, to the right of this state to suspend or revoke the authority as provided in the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978].