§ 54B‑9. Application toorganize a savings and loan association.
(a) It shall be lawfulfor any five or more natural persons (hereinafter referred to as the"incorporators"), who are domiciled in this State, to organize andestablish a savings and loan association in order to promote thrift and homefinancing, subject to approval as hereinafter provided in this Chapter. Theincorporators shall file with the Commissioner of Banks a preliminaryapplication to organize a State association, in the form to be prescribed bythe Commissioner of Banks, together with the proper nonrefundable applicationfee.
(b) The application toorganize a State association shall be received by the Commissioner of Banks notless than 60 days prior to the scheduled consideration of the application bythe Commission, and it shall contain:
(1) The original of thecertificate of incorporation, which shall be signed by the originalincorporators, or a majority of them, but not less than five, and shall beproperly acknowledged by a person duly authorized by this State to take proofor acknowledgment of deeds; and two conformed copies;
(2) The names andaddresses of the incorporators; and the names and addresses of the initialmembers of the board of directors;
(3) Statements of theanticipated receipts, expenditures, earnings and financial condition of theassociation for its first two years of operation, or such longer period as theCommissioner of Banks may require;
(4) A showingsatisfactory to the Commission that:
a. The public convenienceand advantage will be served by the establishment of the proposed association;
b. There is areasonable demand and necessity in the community which will be served by theestablishment of the proposed association;
c. The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations within a reasonable time in the community in which theproposed association intends to locate;
d. The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services;
(5) The proposed bylaws;
(6) Statements,exhibits, maps and other data which may be prescribed or requested by theCommissioner of Banks, which data shall be sufficiently detailed andcomprehensive so as to enable the Commissioner of Banks to pass upon thecriteria set forth in this Article.
(c) The applicationshall be signed by the original incorporators or a majority of them but notless than five, and shall be properly acknowledged by a person duly authorizedby this State to take proof and acknowledgement of deeds. (1981, c. 282, s. 3; 1989, c.76, s. 2; 2001‑193, s. 16.)
§ 54B‑9. Application toorganize a savings and loan association.
(a) It shall be lawfulfor any five or more natural persons (hereinafter referred to as the"incorporators"), who are domiciled in this State, to organize andestablish a savings and loan association in order to promote thrift and homefinancing, subject to approval as hereinafter provided in this Chapter. Theincorporators shall file with the Commissioner of Banks a preliminaryapplication to organize a State association, in the form to be prescribed bythe Commissioner of Banks, together with the proper nonrefundable applicationfee.
(b) The application toorganize a State association shall be received by the Commissioner of Banks notless than 60 days prior to the scheduled consideration of the application bythe Commission, and it shall contain:
(1) The original of thecertificate of incorporation, which shall be signed by the originalincorporators, or a majority of them, but not less than five, and shall beproperly acknowledged by a person duly authorized by this State to take proofor acknowledgment of deeds; and two conformed copies;
(2) The names andaddresses of the incorporators; and the names and addresses of the initialmembers of the board of directors;
(3) Statements of theanticipated receipts, expenditures, earnings and financial condition of theassociation for its first two years of operation, or such longer period as theCommissioner of Banks may require;
(4) A showingsatisfactory to the Commission that:
a. The public convenienceand advantage will be served by the establishment of the proposed association;
b. There is areasonable demand and necessity in the community which will be served by theestablishment of the proposed association;
c. The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations within a reasonable time in the community in which theproposed association intends to locate;
d. The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services;
(5) The proposed bylaws;
(6) Statements,exhibits, maps and other data which may be prescribed or requested by theCommissioner of Banks, which data shall be sufficiently detailed andcomprehensive so as to enable the Commissioner of Banks to pass upon thecriteria set forth in this Article.
(c) The applicationshall be signed by the original incorporators or a majority of them but notless than five, and shall be properly acknowledged by a person duly authorizedby this State to take proof and acknowledgement of deeds. (1981, c. 282, s. 3; 1989, c.76, s. 2; 2001‑193, s. 16.)
§ 54B‑9. Application toorganize a savings and loan association.
(a) It shall be lawfulfor any five or more natural persons (hereinafter referred to as the"incorporators"), who are domiciled in this State, to organize andestablish a savings and loan association in order to promote thrift and homefinancing, subject to approval as hereinafter provided in this Chapter. Theincorporators shall file with the Commissioner of Banks a preliminaryapplication to organize a State association, in the form to be prescribed bythe Commissioner of Banks, together with the proper nonrefundable applicationfee.
(b) The application toorganize a State association shall be received by the Commissioner of Banks notless than 60 days prior to the scheduled consideration of the application bythe Commission, and it shall contain:
(1) The original of thecertificate of incorporation, which shall be signed by the originalincorporators, or a majority of them, but not less than five, and shall beproperly acknowledged by a person duly authorized by this State to take proofor acknowledgment of deeds; and two conformed copies;
(2) The names andaddresses of the incorporators; and the names and addresses of the initialmembers of the board of directors;
(3) Statements of theanticipated receipts, expenditures, earnings and financial condition of theassociation for its first two years of operation, or such longer period as theCommissioner of Banks may require;
(4) A showingsatisfactory to the Commission that:
a. The public convenienceand advantage will be served by the establishment of the proposed association;
b. There is areasonable demand and necessity in the community which will be served by theestablishment of the proposed association;
c. The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations within a reasonable time in the community in which theproposed association intends to locate;
d. The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services;
(5) The proposed bylaws;
(6) Statements,exhibits, maps and other data which may be prescribed or requested by theCommissioner of Banks, which data shall be sufficiently detailed andcomprehensive so as to enable the Commissioner of Banks to pass upon thecriteria set forth in this Article.
(c) The applicationshall be signed by the original incorporators or a majority of them but notless than five, and shall be properly acknowledged by a person duly authorizedby this State to take proof and acknowledgement of deeds. (1981, c. 282, s. 3; 1989, c.76, s. 2; 2001‑193, s. 16.)
