Legislation
SECTION 452
When corporate existence begins; conditions precedent to commencing business
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 452. When corporate existence begins; conditions precedent to
commencing business. When the superintendent shall have endorsed his
approval on the organization certificate, as provided in article two of
this chapter, the corporate existence of the credit union shall begin,
and it shall then have power to elect officers and to transact such
other business as relates to its organization. But it shall transact no
other business until the superintendent shall have duly issued to it the
authorization certificate specified in article two of this chapter.
commencing business. When the superintendent shall have endorsed his
approval on the organization certificate, as provided in article two of
this chapter, the corporate existence of the credit union shall begin,
and it shall then have power to elect officers and to transact such
other business as relates to its organization. But it shall transact no
other business until the superintendent shall have duly issued to it the
authorization certificate specified in article two of this chapter.