Those desiring to organize hereunder shall subscribe to, and duly acknowledge, articles of association and bylaws.

The articles of association shall set forth the name of the organization which shall include the words “agricultural credit”; the principal place of business; the term of years the organization is to exist; the name and addresses of the persons who are to act as directors and officers until the first annual meeting; and when the organization is one with capital stock, the amount of capital stock and the par value of the shares which shall not be less than $5.00 each.

The bylaws shall specify the powers of the organization, the powers and duties of the directors, the powers and duties of the respective officers, the manner and method of conducting the business of said organization and all rules and regulations that may be necessary for the proper management of said organization. The bylaws cannot be changed except as hereinafter provided. The bylaws shall be binding on such organization, the members and the stockholders thereof, and on all with whom such organization does business, and shall have the full force and effect of law.

The articles of association and bylaws shall be subscribed to and acknowledged in triplicate, and submitted to the Federal Intermediate Credit Bank of New Orleans, Louisiana, for approval. When said bank approves such articles of association and bylaws and attests thereto, said articles of association and said bylaws shall be immediately forwarded to the secretary of state, with the fee for recording and certifying same as provided for in the chapter on corporations, if an agricultural credit corporation, and with a fee of five dollars in lieu of the above fee if an agricultural credit cooperative association. Said articles of association shall thereupon be examined by the Attorney-General and be submitted to the governor for his approval or disapproval as in the case of other domestic corporations, except that no publication and proof thereof shall be first required. When a copy of said articles shall have been approved by the governor and returned to the secretary of state for record, the secretary of state shall record same as now provided by law and shall also forward a certified copy of said articles of association and bylaws to be recorded as required by § 189 of the Constitution, in the office of the chancery clerk of the county in which the principal office or place of business be located. After approval and recordation as set out above, said organization shall have the power to do business.