§ 31101. Application to organize
(a) Application. Seven or more individuals, all of whom are within the proposed field of membership
to be served by the credit union and all of whom are of legal age, may agree in writing
to associate themselves for the purpose of forming a credit union pursuant to this
chapter, and those persons shall be considered as the “organizers” of the applicant.
The organizers shall file with the Commissioner a written application for permission
to organize a credit union. The application shall contain the following:
(1) the name by which the credit union will be known, which name shall be in compliance
with the requirements of section 31202 of this title;
(2) the purpose for which it is to be formed;
(3) the city or town within this State where the credit union’s principal office is to
be located;
(4) the par value of the shares of the credit union, which must be at least $5.00, but
not greater than $25.00;
(5) the names, addresses, and occupations of the organizers of the credit union, together
with a statement as to the character, reputation, financial responsibility, and competence
of such persons;
(6) documents that set forth the proposed credit union’s organizational structure and
business plan, including:
(A) a copy of the organizational and governing documents;
(B) the names of the people who are to serve as the directors of the credit union until
the initial meeting of the members or until their successors are elected and qualified,
and the names, addresses, and occupations of the directors who will be voted on by
the members at the initial meeting, together with a statement as to the character,
reputation, and financial responsibility of each;
(C) a business plan, including a three-year financial projection;
(D) a list of the names, addresses, and official positions of the persons who are to be
responsible for the conduct of the affairs of the applicant, including all members
of the governing body, all members of any committees, and the executive officers;
a statement as to the character, reputation, financial responsibility, and competence
and experience in financial services and business of such persons, and such disclosure
and conflict of interest statements as required by sections 31310 and 31313 of this title;
(7) the proposed field of membership, specified in detail;
(8) a survey of the demographic makeup of potential members that demonstrates that the
potential members within the proposed field of membership are sufficient to support
the likely success of the proposed credit union;
(9) copies of any application filed with any other supervisory agency; and
(10) any additional information the Commissioner may require.
(b) Fees. At the time of making the application, the applicant shall pay to the Commissioner
the charter fee required by section 30202 of this title. The Commissioner may charge the applicant for other services in accordance with
section 30202.
(c) Publication of notice. After determining that the application required by this section is complete, the Commissioner
shall advise the organization or the organizers of the entity to publish any notice
that will be required by the Commissioner under chapter 220, subchapter 8 of this
title. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 323, eff. July 1, 2022.)