Before a savings bank begins business, the savings bank must file with the Commissioner: 1. A statement, under oath by the president or a manager, containing the names of all the directors, managers and officers, with the date of their election or appointment, terms of office, primary residence and post office address of each, the amount of stock of which each is the owner in good faith and the amount of money paid in on account of the stock, or the contribution made. Nothing may be received in payment of stock or contribution except money. 2. Proof that the savings bank has obtained the approval of the Federal Deposit Insurance Corporation to insure its deposit accounts.
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