1. At the hearing, the board shall inquire whether the originating members have the character, integrity, reputation, and financial standing shown by a detailed financial statement, to demonstrate the establishment of the proposed cooperative financial institution will be beneficial to the public welfare of the community where the cooperative financial institution will be located. The board shall keep financial statement furnished by the originating members confidential.

2. The board shall inquire into the qualifications of the management of the proposed cooperative financial institution, including any experience with financial institutions and other related experience. The board shall keep any inquiry into the qualifications of the proposed management confidential.

3. The board shall hear any reasons advanced by the originating members as to why the members should be permitted to organize the cooperative financial institution.

4. At the conclusion of the hearing, the board shall make a statement in writing of its conclusions and conditions, if any, and if it finds the proposed cooperative financial institution may not be permitted to organize, the board shall state the reasons why. If approval is granted, a copy of the board's order must be attached to the organization certificate and both must be presented to the secretary of state. A determination to approve the organization of the cooperative financial institution must be joined by a majority of all the members of the board.