As soon as practicable after the receipt of the proposed articles of incorporation, the director of finance shall, from the best sources of information available, ascertain the character and general fitness of the applicants, their standing in their respective communities and shall issue his certificate approving the articles of incorporation and authorizing the applicants to proceed with the organization of the development finance corporation if he is satisfied (1) That all the applicants are bona fide residents of the state; (2) That they have the confidence of their respective communities; and (3) That the proposed articles of incorporation conform to the provisions of section 371.080 .
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