§ 3006 — Temporary organization and capital subscriptions

(a) Each applicant shall become a member of the organization committee and shall elect officers and directors of the savings bank in organization. (b) The officers and directors shall secure subscriptions for capital in the form of pledges to purchase stock. (c) The officers and directors shall prepare articles of incorporation, bylaws, and other items as required by regulation of the Commissioner. (d) The directors shall apply for insurance of accounts and advise the Commissioner of each filing, conference, and all correspondence accompanying and required by a filing. (e) The officers and directors shall take any other actions necessary to complete organization. (f) The officers and directors shall furnish the Commissioner with the names and addresses of all investors who have subscribed to purchase stock.

Legislative History

(Source: P.A. 86-1213.)