(a) Before a county mutual insurance company's charter or extension of the charter expires, the company may apply to the department for an extension of the charter for a term of 50 years from the date the charter would otherwise expire.
(b) The application for an extension must:
(1) demonstrate that the application was authorized either by a two-thirds vote of the company's directors or by a majority vote at a policyholders' meeting;
(2) state in full the charter to be extended;
(3) state the period for which the charter is to be extended;
(4) be signed and acknowledged by the president and secretary of the company; and
(5) be accompanied by a fee of $50.
(c) A company whose charter is extended retains the rights, privileges, and immunities granted a county mutual insurance company by this chapter.