§ 432 — Incorporation; organization certificate

§ 432. Incorporation; organization certificate. When authorized by the\nsuperintendent as provided in article two of this chapter, ten or more\nsavings and loan associations, the aggregate resources of which shall\nnot be less than five million dollars, may form the Savings and Loan\nBank of the State of New York. Each of such associations shall\nsubscribe, acknowledge and submit to the superintendent at his office an\norganization certificate in duplicate which shall specifically state:\n 1. The name, "Savings and Loan Bank of the State of New York."\n 2. The place in the state of New York where its business is to be\ntransacted.\n 3. The number of shares for which each association has subscribed\nwhich shall amount in the aggregate to not less than one hundred\nthousand dollars.\n 4. The number of directors of such savings and loan bank, which shall\nnot be less than seven nor more than fifteen, and the names of the\npersons who shall be its directors until the first annual meeting. The\ncertificate shall recite that the directors possess the qualifications\nspecified in section four hundred forty-one of this article.\n 5. The name and location of the principal office of each savings and\nloan association subscribing the certificate and the aggregate resources\nof each such association.\n