(1) Any ten or more residents of this State, of legal age, who share one or more common bonds referred to in § 34-26-500(2) with one thousand or more residents of this State may apply for a credit union charter by complying with this section.

(2) The incorporators shall prepare, adopt, and execute in duplicate articles of incorporation and agree to the terms thereof. The articles shall state:

(a) The credit union’s name, and the location of the proposed credit union’s principal place of business;

(b) that the existence of the credit union shall be perpetual; and

(c) the names and addresses of the incorporators to the articles of incorporation.

(3) The incorporators shall prepare, adopt, and execute in duplicate bylaws consistent with this chapter for the general government of the credit union.

(4) The incorporators shall select at least five persons who are eligible for membership and who agree to become members and serve on the board of directors, and at least three other persons who are eligible for membership and who agree to become members and serve on the supervisory committee. The persons selected to serve on the board of directors and supervisory committee shall execute an agreement to serve in these capacities until the first annual meeting or until the election of their respective successors, whichever is later.

(5) The incorporators shall forward to the commissioner the incorporation fee, if any, the duplicate articles of incorporation and bylaws and the agreements to serve.