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This entry was published on 2014-09-22
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SECTION 230
Incorporation; organization certificate
Banking (BNK) CHAPTER 2, ARTICLE 6
§ 230. Incorporation; organization certificate. When authorized by the
superintendent as provided in article two of this chapter, not less than
nine nor more than twenty persons may incorporate a savings bank. They
shall subscribe and acknowledge an organization certificate in
duplicate, which shall specifically state:

1. The name by which the corporation is to be known.

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

3. Its duration if other than perpetual.

4. The name, occupation, citizenship, residence and post-office
address of each incorporator.

5. The amount which each incorporator will contribute in cash to the
surplus fund.

6. The names of the incorporators who are to constitute its first
board of trustees. Such persons as individuals and as a group must be
free of the disqualifications specified in section two hundred forty-six
of this article.