§ 19-2-2 - Contents of agreement to form.
SECTION 19-2-2
§ 19-2-2 Contents of agreement to form.– (a) Any agreement to form shall state that the subscribers to the agreementassociate themselves with the intention of forming a financial institutionpursuant to this title to transact business authorized by this title withinthis state, and shall specify:
(1) The name by which the financial institution shall beknown, which shall be consistent with words identified with those of financialinstitutions.
(2) The purpose for which it is formed.
(3) The address at which its business is to be transacted.
(4) For stock owned companies, the amount of its capitalstock which shall in no event be less than three million dollars ($3,000,000),and the number of shares into which the capital stock is to be divided.
(5) Whether the financial institution intends to exercisetrust powers.
(b) Each agreement to form shall contain the name, residence,and post office address of each subscriber, and, for stock owned companies, thenumber of shares of stock which each subscriber agrees to take.