1. The Secretary of State shall not issue any certificate of incorporation to any credit union authorizing it to do business in this state until the articles of incorporation are approved by the Commissioner.

2. An amendment to the articles of incorporation may not be filed by the Secretary of State without the written approval of the Commissioner.

3. Not less than seven persons who are residents of Nevada, have a common bond and are of legal age who desire to organize a credit union under this chapter shall first execute in triplicate an application, upon forms to be issued by the Commissioner, for permission to organize an association. The applicants shall submit with or include in their application:

(a) A copy of the articles of incorporation which must comply with the provisions of NRS 81.440 except where those provisions conflict with the provisions of this chapter.

(b) The par value of the shares, which must be $5 or some multiple thereof.

(c) The names and addresses of the applicants and an itemized account of the financial condition of the applicants and the proposed credit union.

(d) The name, which must include the words “credit union,” and the principal place of business.

(e) Any additional information which the Commissioner may require to determine the character and responsibility of the applicants and the need for a credit union in the community to be served.

The incorporators shall submit a set of proposed bylaws to the Commissioner with their application and the bylaws when approved by the Commissioner are effective upon filing the articles of incorporation. The Commissioner shall approve or disapprove the application within 30 days following its receipt.

4. Every application for permission to organize, as provided for in this section, must be accompanied by an application fee and a fee payment to cover expenses attendant upon the investigation required for approval. The amount of the fees must be established by regulation adopted by the Commissioner.

5. The subscribers for a credit union charter shall not transact any business until formal approval of the charter has been received.

(Added to NRS by 1975, 379; A 1977, 890; 1983, 1639, 1831, 2016; 1987, 2014) — (Substituted in revision for NRS 678.310)