§ 375. Incorporation; organization certificate. When authorized by the
superintendent as provided in article two of this chapter, fifteen or
more persons, residents of the state of New York, may form a corporation
to be known as a savings and loan association. Such persons shall
subscribe and acknowledge and submit to the superintendent an
organization certificate in duplicate, which shall specifically state:
1. The name by which the association is to be known, which shall contain
as a part thereof the words "savings and loan association."

2. The place where its principal office is to be located.

3. The name, occupation and place of residence of each incorporator
and the number of shares for which he has subscribed.

4. The total matured value of the shares for which the incorporators
have subscribed, which shall be at least: (a) Twenty-five thousand
dollars if the place where the principal office is to be located has a
population of ten thousand or more; or

(b) Ten thousand dollars if the principal office is to be located
elsewhere.

5. The number of directors of the association, or that the number of
directors shall not be less than a stated minimum nor more than a stated
maximum. Such number, or the minimum and the maximum stated, shall be
within the limitations prescribed by section three hundred ninety-seven
of this article.

6. The names of the incorporators who shall be its directors until the
first annual meeting. The incorporators named as directors must possess
the qualifications of directors as to citizenship and residence
specified in section three hundred ninety-seven of this article.