N.Y. Banking Law § 432: Incorporation; organization certificate

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

superintendent as provided in article two of this chapter, ten or more

savings and loan associations, the aggregate resources of which shall

not be less than five million dollars, may form the Savings and Loan

Bank of the State of New York. Each of such associations shall

subscribe, acknowledge and submit to the superintendent at his office an

organization certificate in duplicate which shall specifically state:

1. The name, "Savings and Loan Bank of the State of New York."

2. The place in the state of New York where its business is to be

transacted.

3. The number of shares for which each association has subscribed

which shall amount in the aggregate to not less than one hundred

thousand dollars.

4. The number of directors of such savings and loan bank, which shall

not be less than seven nor more than fifteen, and the names of the

persons who shall be its directors until the first annual meeting. The

certificate shall recite that the directors possess the qualifications

specified in section four hundred forty-one of this article.

5. The name and location of the principal office of each savings and

loan association subscribing the certificate and the aggregate resources

of each such association.