31.12.055 - Manner of organizing -- Articles of incorporation -- Submission to director.

Manner of organizing — Articles of incorporation — Submission to director.

(1) Persons applying for the organization of a credit union shall execute articles of incorporation stating:

     (a) The initial name and location of the credit union;

     (b) That the duration of the credit union is perpetual;

     (c) That the purpose of the credit union is to engage in the business of a credit union and any other lawful activities permitted to a credit union by applicable law;

     (d) The number of its directors, which must not be less than five or greater than fifteen, and the names of the persons who are to serve as the initial directors;

     (e) The names of the incorporators;

     (f) The initial par value, if any, of the shares of the credit union;

     (g) The extent, if any, to which personal liability of directors is limited;

     (h) The extent, if any, to which directors, supervisory committee members, officers, employees, and others will be indemnified by the credit union; and

     (i) Any other provision which is not inconsistent with this chapter.

     (2) Applicants shall submit the articles of incorporation in triplicate to the director.

[1997 c 397 § 6. Prior: 1994 c 256 § 71; 1994 c 92 § 179; 1984 c 31 § 7.]

Notes: Findings -- Construction -- 1994 c 256: See RCW 43.320.007.