(a) The organizational instrument shall comply with the requirements of the Corporation Act if the state bank is organized as a corporation or the LLC Act if the state bank is organized as a limited liability company. In addition to the information required by the applicable Organizations Act, the organizational instrument shall set forth (i) the state bank’s powers, (ii) a statement describing any limitation on its powers, (iii) if there is any limit on transferability of shares or ownership interests, a statement that the limitation shall exclude any transfer required by lawful order of the commissioner, and (iv) any additional information or statements that the commissioner may require as a condition of the state bank’s charter.
(b) The organizer or any person seeking to file an application to organize a state bank may reserve a name for the bank by requesting approval from the commissioner. If the commissioner approves of the name, then the reserved name may be filed with the secretary of state, together with a fee charged by the secretary of state for the filing of a corporate or limited liability company name reservation. If an application to organize a state bank is filed with the commissioner, then the secretary of state shall reserve the name for the exclusive use of the organizer for the duration of the proceedings. If the organizer abandons the application or the commissioner denies the application, then the organizer shall cancel the name reservation by filing with the secretary of state a notice of cancellation. The state bank shall not have or use a name that is likely to mislead the public concerning the nature or scope of its powers or purposes. The state bank shall not have or use a name that is the same or confusingly similar to the name of another entity, unless the commissioner and the other entity consent to the state bank’s use of that name.