6-407. Applicants and initial capital A. Any five or more adult individuals, residents of this state, may apply for a permit to organize an association under this article. The minimum initial capital which an association must have shall be determined by the deputy director, but in no event shall it be less than the amount […]
6-408. Application for permit to organize The application for a permit to organize an association shall be addressed to the deputy director in such form as the deputy director shall provide, be in duplicate, be personally signed by each applicant and be verified under oath by each applicant. The applicants shall submit with their application […]
6-409. Findings and hearings If the deputy director does not deny the application on the basis of the data submitted by the applicants and any other information in the deputy director’s possession, the applicants shall publish a notice of intention to organize in such form as the deputy director shall prescribe. The deputy director may […]
6-410. Deputy director’s approval and issuance of permit to organize The deputy director shall not approve the application and issue a permit to organize unless the deputy director finds: 1. A need exists for an association, and that the public convenience and advantage will be promoted by the proposed association, in the community or area […]
6-411. Subscription to capital and temporary organization On receipt of the permit to organize an association, the applicants shall constitute the organization committee and shall perfect a temporary organization by electing a chairman, vice chairman, and a secretary, who shall act as the temporary officers of such association until their successors are duly elected and […]
6-412. Completion of organization A. If the board of directors has organized as provided in this chapter and the report of such organization has been filed with the deputy director, the deputy director shall make a thorough examination into the affairs of the proposed association, and if the deputy director approves the articles of incorporation […]
6-413. Contents of articles of incorporation A. The articles of incorporation shall set forth: 1. The name of the association. 2. The location of the principal place of business. 3. The general nature of the business to be transacted. 4. The authorization, if any, to issue withdrawable shares, the aggregate amount of which may be […]
