N.Y. Banking Law § 375: Incorporation; organization certificate

§ 375. Incorporation; organization certificate. When authorized by the

superintendent as provided in article two of this chapter, fifteen or

more persons, residents of the state of New York, may form a corporation

to be known as a savings and loan association. Such persons shall

subscribe and acknowledge and submit to the superintendent an

organization certificate in duplicate, which shall specifically state:

1. The name by which the association is to be known, which shall contain

as a part thereof the words "savings and loan association."

2. The place where its principal office is to be located.

3. The name, occupation and place of residence of each incorporator

and the number of shares for which he has subscribed.

4. The total matured value of the shares for which the incorporators

have subscribed, which shall be at least: (a) Twenty-five thousand

dollars if the place where the principal office is to be located has a

population of ten thousand or more; or

(b) Ten thousand dollars if the principal office is to be located

elsewhere.

5. The number of directors of the association, or that the number of

directors shall not be less than a stated minimum nor more than a stated

maximum. Such number, or the minimum and the maximum stated, shall be

within the limitations prescribed by section three hundred ninety-seven

of this article.

6. The names of the incorporators who shall be its directors until the

first annual meeting. The incorporators named as directors must possess

the qualifications of directors as to citizenship and residence

specified in section three hundred ninety-seven of this article.