1. When authorized by the director, any five or more persons who associate themselves by written articles of agreement, as provided by law, for the purpose of establishing a savings bank, may be incorporated under any name or title designating such business. Such persons may act on behalf of a holding company.

2. The articles of agreement shall set forth:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(1) The name of the proposed savings bank, which shall not be confusingly similar to the name of any other existing depository institution;

(2) The address at which such savings bank is to be located;

(3) The amount to be paid in for its capital stock;

(4) The duration of its existence which shall be perpetual;

(5) The purposes of the proposed savings bank;

(6) The number of directors which shall be not more than fifteen nor less than five, all of whom shall satisfy the qualifications in section 369.109;

(7) The names of the incorporators, who shall be its directors until the first annual meeting; and

(8) Any other provisions, not inconsistent with law, which the incorporators may choose to insert.