1. 1. When authorized by the director, any five or more persons who associate themselves by written articles of agreement, as provided by law, for the purpose of establishing a savings bank, may be incorporated under any name or title designating such business. Such persons may act on behalf of a holding company.

2. 2. The articles of agreement shall set forth:

   1. (1) The name of the proposed savings bank, which shall not be confusingly similar to the name of any other existing depository institution;
   2. (2) The address at which such savings bank is to be located;
   3. (3) The amount to be paid in for its capital stock;
   4. (4) The duration of its existence which shall be perpetual;
   5. (5) The purposes of the proposed savings bank;
   6. (6) The number of directors which shall be not more than fifteen nor less than five, all of whom shall satisfy the qualifications in section 369.109;
   7. (7) The names of the incorporators, who shall be its directors until the first annual meeting; and
   8. (8) Any other provisions, not inconsistent with law, which the incorporators may choose to insert.

(L. 1997 H.B. 257 § 369.405)