§ 375 — Incorporation; organization certificate

§ 375. Incorporation; organization certificate. When authorized by the\nsuperintendent as provided in article two of this chapter, fifteen or\nmore persons, residents of the state of New York, may form a corporation\nto be known as a savings and loan association. Such persons shall\nsubscribe and acknowledge and submit to the superintendent an\norganization certificate in duplicate, which shall specifically state:\n1. The name by which the association is to be known, which shall contain\nas a part thereof the words "savings and loan association."\n 2. The place where its principal office is to be located.\n 3. The name, occupation and place of residence of each incorporator\nand the number of shares for which he has subscribed.\n 4. The total matured value of the shares for which the incorporators\nhave subscribed, which shall be at least: (a) Twenty-five thousand\ndollars if the place where the principal office is to be located has a\npopulation of ten thousand or more; or\n (b) Ten thousand dollars if the principal office is to be located\nelsewhere.\n 5. The number of directors of the association, or that the number of\ndirectors shall not be less than a stated minimum nor more than a stated\nmaximum. Such number, or the minimum and the maximum stated, shall be\nwithin the limitations prescribed by section three hundred ninety-seven\nof this article.\n 6. The names of the incorporators who shall be its directors until the\nfirst annual meeting. The incorporators named as directors must possess\nthe qualifications of directors as to citizenship and residence\nspecified in section three hundred ninety-seven of this article.\n