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This entry was published on 2014-09-22
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SECTION 550
Incorporation; organization certificate
Banking (BNK) CHAPTER 2, ARTICLE 12-A
§ 550. Incorporation; organization certificate. When authorized by the
superintendent as provided in article two of this chapter, five or more
persons may form a corporation to be known as a mutual trust investment
company. Such persons shall subscribe and acknowledge and submit to the
superintendent at the superintendent's office an organization
certificate in duplicate which shall specifically state:

1. The name by which the mutual trust investment company is to be
known and the investment purpose of its formation under the following
section five hundred fifty-one.

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

3. The amount of its capital stock and the number of shares into which
such capital stock shall be divided.

4. The full name, residence and post-office address of each of the
incorporators and the number of shares subscribed for by each.

5. The term of its existence, which may be perpetual.

6. The number of its directors, which shall not be less than five and
the names and addresses of the persons who shall be its directors until
the first annual meeting of stockholders.

Such certificate may provide for the manner in which the stock of the
corporation may be transferred and for the number of directors necessary
to constitute a quorum.

When the superintendent shall have endorsed his approval on the
organization certificate as provided in article two of this chapter, the
corporate existence shall begin.