Fifteen (15) or more citizens of this state who have associated themselves by a written agreement to form a credit union may, with the consent of the director, or the director’s designee, become a corporation upon complying with the provisions of §§?7-6-33 — 7-6-35. The subscribers to the agreement to form shall give notice in writing to the director, or the director’s designee, of their intention to form a credit union by filing a copy of the agreement to form with the director, or the director’s designee. If the director, or the director’s designee, finds:

(1)  That the agreement to form is in conformity with law;

(2)  That the conditions under which the credit union is to be established do not render unlikely the successful financial operation; and

(3)  That the standing of the proposed members is such as to give assurance that its affairs will be administered in accordance with the spirit of this section and that the formation will benefit the proposed membership,

the director, or the director’s designee, may issue an authorization to commence operations.