§412:10-107  Grant of approval.  (a) 
Approval of the application for charter shall be granted if the commissioner
finds that:



(1)  The proposed credit union will be formed for
legitimate purposes contemplated by this article;



(2)  The qualifications, character, experience, and
general fitness of the original chartering applicants and proposed executive
officers are such as will command public confidence.  For purposes of this
section, the commissioner may presume that in the absence of credible evidence
to the contrary, an original chartering applicant or proposed executive officer
is of good character and is qualified to participate in the affairs of the
proposed credit union.  Such presumption may be rebutted by evidence to the
contrary, including without limitation a finding that such applicant or
executive officer has:



(A)  Been convicted of, or has pleaded nolo
contendere to, any crime involving an act of fraud or dishonesty;



(B)  Consented to or suffered a judgment in any
civil action based upon conduct involving an act of fraud or dishonesty;



(C)  Consented to or suffered the suspension or
revocation of any professional, occupational, or vocational license based upon
conduct involving an act of fraud or dishonesty;



(D)  Wilfully made or caused to be made in any
application or report filed with the commissioner, or in any proceeding before
the commissioner, any statement which was at the time and in the light of the
circumstances under which it was made false or misleading with respect to any
material fact, or has wilfully omitted to state in any application or report
any material fact which was required to be stated therein; or



(E)  Wilfully committed any violation of, or
has wilfully aided, abetted, counseled, commanded, induced, or procured the violation
by any other person of, any provision of this chapter or of any rule or order
issued under this chapter;



(3)  The characteristics of the common bond of the
proposed field of membership set forth in the proposed articles of association
are favorable to the economic viability of the proposed credit union;



(4)  The proposed operations of the credit union will
be conducted in a safe and sound manner; and



(5)  The articles of association and bylaws are in
compliance with this article.



(b)  Upon approval of the application by the
commissioner, the credit union shall be a body corporate and as such, subject
to the limitations herein contained, shall be vested with all the powers and
charged with all the liabilities conferred and imposed by this article.



(c)  In granting approval of the application,
the commissioner may impose such conditions and restrictions as shall be in the
public interest, including without limitation requiring the applicants to
fulfill representations contained in their application and agreements made with
the commissioner during the application process.



(d)  Upon issuance of a charter, the
commissioner shall return the articles of association and bylaws to the
applicants or their representatives.  The original articles and bylaws shall be
preserved in the permanent files of the credit union.



(e)  The applicants shall not transact any
credit union business until the application has been approved by the
commissioner and a charter has been issued. [L 1993, c 350, pt of §1]