A nonprofit dental service corporation may not enter into dental service contracts under the provisions hereof until it has procured a formal certificate or license from the state board of health authorizing it to do so. Application for such certificate of authority or license shall be made on such forms as the state board of health may prescribe and shall be accompanied by the following documents: (a) certified copy of charter of incorporation, (b) certified copy of current bylaws, (c) an affidavit of the secretary of the Mississippi State Board of Dental Examiners setting forth that he has satisfactory evidence that at least twenty percent (20%) of the licensed dentists residing and actively practicing in the state have agreed to render professional service to subscribers under such plan, (d) a certificate from the Mississippi State Board of Dental Examiners approving the licensing of such dental service corporation, and (e) such other information as the state board of health may require concerning the public interest, welfare, and necessity of licensing such dental service corporation. The state board of health shall issue a certificate of authority or license upon payment of a fee of Twenty-five Dollars ($25.00) and upon being satisfied that the public interest, welfare, and necessity will be served by so doing. All licenses issued to every such corporation shall expire on the last day of the next succeeding March, but shall be subject to annual renewal under the foregoing terms and conditions.