§ 6:1163 — Contents of articles of incorporation

A. The articles of incorporation shall set forth:
(1) The name of the savings bank, which may be called an association;
(2) The initial location of the business office;
(3) The duration of existence, which is perpetual unless otherwise specified;
(4) The initial number of directors which shall be not less than five;
(5) The authorization, if any, to issue withdrawable shares, the aggregate amount of which may be unlimited;
(6) The authorization, if any, to issue stock, the aggregate number thereof, and the par value per share, which shall not be less than one dollar;
(7) The quorum required for action of members if a quorum other than that specified in this Chapter is desired; and
(8) Any other provision, not inconsistent with law, which the subscribers or members may desire for the internal regulation of the affairs of the savings bank.
B. The articles of incorporation need not set forth any of the powers which this Chapter confers.
C. The commissioner of financial institutions may publish one or more standard forms of suggested articles of incorporation conforming to the provisions of this Chapter which may be adopted by savings banks.

Legislative History

Acts 1990, No. 816, §1, eff. Sept. 1, 1990; Acts 2001, No. 633, §1, eff. June 22, 2001.