1. Before the formation of a cooperative financial institution under this chapter, the originating members of the proposed cooperative financial institution shall execute a written agreement of association to form a cooperative financial institution. The written agreement of association must identify and comply with the capital structure required by the state banking board and must specifically state: a. That the originating members of the cooperative financial institution intend to associate themselves with the intention of forming a cooperative financial institution; b. The name of the cooperative financial institution; c. The location of the principal office of the cooperative financial institution; d. The purposes for which the cooperative financial institution is formed and the nature of the business the cooperative financial institution is to conduct; and e. The names and addresses of each originating member of the financial institution.

2. Each originating member shall subscribe to the agreement of association before submission to the state banking board.