(1) After licensing pursuant to this chapter, but before the corporation may issue or transfer any security to any person, it shall file a report of its proposed action with the commission and the executive director, which report shall request the approval of the commission. The commission shall have ninety (90) days within which to approve or deny the request. If the commission denies the request, the corporation shall not issue or transfer any such security.
(2) After licensing pursuant to this chapter, the corporation shall file a report of each change of the corporate officers and directors with the commission and the executive director. The commission shall have ninety (90) days within which to approve or disapprove such change. During such ninety-day period and thereafter if the commission does not disapprove the change, such officer or director shall be entitled to exercise all powers of the office to which he was so elected or appointed.
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