6-412. Completion of organization
A. When the board of directors has organized as provided in this chapter and the
report of such organization has been filed with the superintendent, he shall make a
thorough examination into the affairs of the proposed association, and if he approves the
articles of incorporation and is satisfied that all the requirements of this chapter have
been complied with, and that no intervening circumstance has occurred to change the
superintendent's findings made pursuant to this chapter, upon payment into the
superintendent's office of the fees for such examination, he shall issue a certificate
authorizing the filing of the articles of incorporation with the corporation commission
and the taking of the other steps required by title 10, to complete the formation of a
corporation. Upon the appointment of a statutory agent and the issuance of a certificate
of incorporation by the corporation commission and the payment into escrow with a
responsible corporate escrow agent approved by the superintendent of the amount of the
initial capital required by this chapter, the superintendent shall issue a permit
conditioned upon the association securing within twelve months from the date of such
permit insurance of its insurable accounts by the federal deposit insurance corporation,
or any successor instrumentality, pursuant to the laws of the United States and the rules
and regulations of such corporation.
B. Unless such insurance is secured within such period the permit shall be deemed
revoked unless the superintendent, upon good cause shown, shall extend the time for
securing such insurance for a single fixed period which shall not exceed six months. The
association shall not operate as a savings and loan association under the laws of this
state or transact any other business than that necessary to secure such insurance until
it has secured such insurance. If such insurance is not secured within the time provided
by this chapter or as extended by the superintendent, all amounts collected as
subscriptions to the required capital shall be returned to the subscribers without
reduction.
C. All existing associations doing business under this chapter shall, within one
year from the effective date of this chapter, submit to the superintendent evidence of
their having insurance of accounts with an instrumentality of the United States;
provided, however, that if an existing association has filed a bona fide application for
such insurance after the effective date of this chapter and diligently pursues its
application, and additional time is required for the granting of such insurance, the
superintendent may extend said one-year period for not to exceed an additional six
months.
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