§415-112 Effect of certificate of authority. After filing the application for certificate of authority, the director shall issue a certificate of authority. Upon the issuance of a certificate of authority by the director which shall be effective as of the date the application is delivered to the director for filing, 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 to revoke such authority as provided in this chapter. [L 1983, c 167, pt of §1; am L 1985, c 270, §4; am L 1987, c 135, §80]