1. If the state banking board votes to approve the application to organize a cooperative financial institution, the organization certificate and permission of the board must be recorded in the county where the cooperative financial institution will be established and must be transmitted to the secretary of state.

2. The secretary of state shall certify the facts to the state banking board and record the document in the secretary of state's office. The secretary of state shall issue a certificate of authority to the cooperative financial institution.

3. The secretary of state shall send the certificate to the commissioner. The commissioner may not issue the certificate until an examination is made and the certificate of the commissioner stating the capital structure as required by the state banking board has been acquired, federal deposit insurance corporation insurance of deposits has been secured, and all conditions of the law have been complied with strictly.

4. If the determination of the state banking board is against the organization of the cooperative financial institution, the organization certificate may not be recorded in the office of the recorder and may not be accepted by the secretary of state.