§ 19-5-2. Incorporation.
Fifteen (15) or more citizens of this state who have associated themselves by a written
agreement to form a credit union may, with the consent of the director, or the director's
designee, become a corporation upon complying with the provisions of §§â€‚7-6-33 — 7-6-35. The subscribers to the agreement to form shall give notice in writing to the director,
or the director's designee, of their intention to form a credit union by filing a
copy of the agreement to form with the director, or the director's designee. If the
director, or the director's designee, finds:
(1) That the agreement to fo
Free access — add to your briefcase to read the full text and ask questions with AI
§ 19-5-2. Incorporation.
Fifteen (15) or more citizens of this state who have associated themselves by a written
agreement to form a credit union may, with the consent of the director, or the director's
designee, become a corporation upon complying with the provisions of §§â€‚7-6-33 — 7-6-35. The subscribers to the agreement to form shall give notice in writing to the director,
or the director's designee, of their intention to form a credit union by filing a
copy of the agreement to form with the director, or the director's designee. If the
director, or the director's designee, finds:
(1) That the agreement to form is in conformity with law;
(2) That the conditions under which the credit union is to be established do not render
unlikely the successful financial operation; and
(3) That the standing of the proposed members is such as to give assurance that its affairs
will be administered in accordance with the spirit of this section and that the formation
will benefit the proposed membership,
the director, or the director's designee, may issue an authorization to commence operations.