A credit union must be organized in the following manner: 1. The applicants shall execute a certificate of organization, in triplicate, by the terms of which they agree to be bound, stating the name and the location of the proposed credit union, the names and addresses of the subscribers to the certificate and the number of shares subscribed by each, and the par value of the shares of the credit union, which may not exceed fifty dollars each. The commissioner shall prescribe the application form. 2. The applicants shall prepare and execute proposed bylaws, in triplicate, for the general governance of the credit union consistent with the provisions of this chapter. 3. The certificate and the proposed bylaws, both executed in triplicate, must be forwarded to the commissioner. 4. The applicants shall apply for, secure, and maintain national credit union administration insurance of accounts. 5. The board, within thirty days after the receipt of the certificate and bylaws, shall determine whether they comply and are consistent with this chapter. 6. The board shall instruct the secretary of state to issue a charter, which must be attached to the certificate of organization and returned, together with the bylaws, to the applicants upon payment of a filing fee of thirty dollars to the secretary of state. 7. Evidence of securing national credit union administration insurance must be furnished to the commissioner before the charter may be released to the applicant credit union. After the provisions of this section have been complied with, the association becomes a body corporate and is known as a credit union.
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