§ 19-5-2 - Incorporation. - Rhode Island Statutes

SECTION 19-5-2

   § 19-5-2  Incorporation. – Fifteen (15) or more citizens of this state who have associated themselves by awritten agreement to form a credit union may, with the consent of the directoror the director's designee, become a corporation upon complying with theprovisions of §§ 7-6-33 – 7-6-35. The subscribers to theagreement to form shall give notice in writing to the director or thedirector's designee of their intention to form a credit union by filing a copyof the agreement to form with the director or the director's designee. If thedirector or the director's designee finds:

   (1) That the agreement to form is in conformity with law;

   (2) That the conditions under which the credit union is to beestablished do not render unlikely the successful financial operation; and,

   (3) That the standing of the proposed members is such as togive assurance that its affairs will be administered in accordance with thespirit of this section and that the formation will benefit the proposedmembership,

   the director or the director's designee may issue anauthorization to commence operations.