(a) No certificate of authority shall be issued to any association unless it files with the Commissioner: (1) A certified copy of its certificate of incorporation or charter; (2) A copy of its constitution and bylaws; (3) A copy of all forms of certificates of membership which it proposes to issue; (4) A certified statement that it has a membership of at least 500 persons or that it has at least 500 bona fide applications for membership accompanied by the initial payments; (5) Such other information respecting its business or affairs as may be required by the Commissioner. (b) At the time of application for certificate of authority the association shall deposit with the Commissioner a guaranty fund as required under § 5509 of this title.
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