(a) Any agreement to form shall state that the subscribers to the agreement associate themselves with the intention of forming a financial institution pursuant to this title to transact business authorized by this title within this state and shall specify:
- (1) The name by which the financial institution shall be known, which shall be consistent with words identified with those of financial institutions.
- (2) The purpose for which it is formed.
- (3) The address at which its business is to be transacted.
- (4) For stock-owned companies, the amount of its capital stock, which shall in no event be less than three million dollars ($3,000,000), and the number of shares into which the capital stock is to be divided.
- (5) Whether the financial institution intends to exercise trust powers.
- (b) Each agreement to form shall contain the name, residence, and post office address of each subscriber, and, for stock-owned companies, the number of shares of stock that each subscriber agrees to take.
History of Section.
P.L. 1995, ch. 82, § 39.