1. Upon receipt of a petition for certificate of incorporation, the director of the division of finance shall, based upon the petition and all supporting information and upon such independent investigation and examination as the director may make, either refuse the petition or tentatively approve it. The petition shall be refused if the director of the division of finance finds that the proposed association is to be formed for any other than legitimate savings and loan purposes, or that the character and general fitness of the incorporators, or of the initial stockholders, if any, are not such as to command public confidence, or that the proposed directors and officers are not such as to tend to the success of the proposed association, or that the public convenience and advantage will not be promoted by its establishment, or that there is no public need for, or the volume of business in the location is insufficient to justify, another association. The refusal shall be in writing with the reasons therefor stated and shall be sent by registered mail to the chairman of incorporators.

2. If the director of the division of finance tentatively approves the petition, the director shall give written notice to each association and each federal association with an office in the county or in a county adjoining the county in which the proposed association is to be located, stating the name of the proposed association, where it proposes to establish the principal office of the association and that a petition for certificate of incorporation has been approved tentatively. Any association entitled to receive notice may within thirty days from the date of mailing of the notice make written protest to the director of the division of finance against the granting of the petition for incorporation. If no protest is filed within that time, the director of the division of finance shall make a final decision upon the petition either denying or granting the petition and notice thereof shall be sent by registered mail to the chairman of incorporators.

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3. If a protest is filed, the director of the division of finance shall, if requested, and may on the director’s own motion, conduct a hearing not less than ten nor more than thirty days following the end of the time for protest. Upon application of any party for good cause, or upon the director of the division of finance’s own motion, the date of the hearing may be postponed. Notice shall be given stating the time and place of the hearing to the chairman of incorporators and to each protesting party. Any interested person may appear at the hearing in person or by counsel and offer any relevant evidence. Following the hearing the director of the division of finance shall deny or grant the petition and give written notice of the director’s decision to all interested parties.

4. The petition shall not be granted, either with or without the hearing provided for in this section, except upon affirmative findings from all the evidence that the requirements of sections 369.010 to 369.369 have been complied with and that:

(1) The persons named in the petition are citizens of the United States of good character and responsibility; and

(2) There is a necessity for the proposed association in the area to be served by it; and

(3) There is a reasonable probability of usefulness and success of the proposed association; and

(4) The proposed association can be established without undue injury to any properly conducted association or federal association.

5. The director of the division of finance may, either with or without the hearing provided for in this section, and the state banking and savings and loan board may upon an appeal from the ruling of the director of the division of finance, require as a condition of approving the petition that the proposed association obtain a firm commitment for insurance of its accounts from the Federal Deposit Insurance Corporation or any successor thereto or from any agency of this state insuring savings accounts or from any other insurer approved by the director of the division of finance.

6. If the petition is approved, the director of the division of finance shall, upon receipt of the sworn statement of the chairman of incorporators that the initial savings accounts and the expense fund provided for in sections 369.010 to 369.369 have been paid in full in cash, or, if a capital stock association, all subscriptions for capital stock have been paid in full, certify the approval of the petition in writing to the secretary of state and deliver to the secretary of state the incorporation fee and one copy of the articles of incorporation. From the time of such approval, the association shall be subject to all provisions of sections 369.010 to 369.369 and to supervision and control by the director of the division of finance. The secretary of state shall thereupon issue the certificate of incorporation.