§ 432. Incorporation; organization certificate. When authorized by the
superintendent as provided in article two of this chapter, ten or more
savings and loan associations, the aggregate resources of which shall
not be less than five million dollars, may form the Savings and Loan
Bank of the State of New York. Each of such associations shall
subscribe, acknowledge and submit to the superintendent at his office an
organization certificate in duplicate which shall specifically state:

1. The name, "Savings and Loan Bank of the State of New York."

2. The place in the state of New York where its business is to be
transacted.

3. The number of shares for which each association has subscribed
which shall amount in the aggregate to not less than one hundred
thousand dollars.

4. The number of directors of such savings and loan bank, which shall
not be less than seven nor more than fifteen, and the names of the
persons who shall be its directors until the first annual meeting. The
certificate shall recite that the directors possess the qualifications
specified in section four hundred forty-one of this article.

5. The name and location of the principal office of each savings and
loan association subscribing the certificate and the aggregate resources
of each such association.