6-507

6-507. Certificate of approval; filing with
corporation commission; certificate of incorporation

A. The superintendent shall act on the completed application within sixty
days. The superintendent shall issue a certificate of approval if the certificate of
organization and the bylaws are in conformity with this chapter and the superintendent is
satisfied that all of the following are true:

1. The field of membership, the bylaws and the business plan are favorable to the
economic viability of the proposed credit union.

2. The reputation, character and financial experience of the initial board of
directors and supervisory committee provide assurance that the credit union's affairs
will be properly administered.

3. The share and deposit accounts of the credit union will be insured by an
insuring organization when the credit union commences business.

B. On receipt of the superintendent's certificate of approval the incorporators
shall file the certificate of organization, with the certificate of approval attached,
with the corporation commission and record a certified copy of the filing under the seal
of the commission with the county recorder of the county or counties in which the credit
union is to do business. On proof of the recording, the corporation commission shall
issue a certificate of incorporation to the credit union. The credit union shall forward
a certified copy of the certificate of incorporation showing the filing and recording to
the superintendent.

C. The credit union shall also file with the corporation commission the appointment
of an agent on whom service of process may be made. The incorporators shall then be
deemed a credit union, incorporated in accordance with this chapter.

D. If a certificate of approval is denied, the superintendent shall notify the
incorporators and set forth the reasons for the denial.