(A) No credit union organized under the laws of this state or any other state shall be permitted to engage in business except on certificate issued by the Bank Commissioner upon authority of the State Credit Union Board.

(B) The request to establish a credit union under the laws of this state shall be set forth in application form and filed with the Bank Commissioner. The form of such application shall be prescribed by the State Credit Union Board and furnished by the Bank Commissioner and shall contain such information as the State Credit Union Board may require. Any seven or more residents of this state who desire to form a credit union under the laws of this state shall subscribe before some person, competent to administer oath, an organization certificate in triplicate, which shall specifically state: (1) the name of the credit union; (2) the location of the proposed credit union and the territory in which it will operate; (3) the purpose for which it is formed; (4) the term for which it is to exist, which may be perpetual or limited in term; (5) the number of its directors or trustees and the names and addresses of such of them as shall serve until the election of directors or trustees; (6) the par value of the shares, which shall not exceed One Hundred Dollars ($100.00) each, and the authorized stock which shall not exceed the amount which it is contemplated to be provided for in its certificate of incorporation.

(C) With the application, applicants shall file a proposed certificate of incorporation with the Bank Commissioner prepared in accordance with the provisions of the Oklahoma General Corporation Act.

(D) In addition said applicants shall prepare and adopt bylaws consistent with the provisions of this act and shall certify to the same in triplicate. The bylaws of the credit union may provide for the amendment of the certificate of incorporation of the credit union upon a vote of two-thirds (2/3) of the members of the board of directors and the approval of the State Credit Union Board.

(E) The request of a credit union organized under the laws of a state other than this state to do business in Oklahoma shall be made in accordance with the provisions of Section 6 of this act.

Added by Laws 1941, p. 11, § 2. Amended by Laws 1974, c. 267, § 1; Laws 1985, c. 125, § 1, emerg. eff. June 4, 1985; Laws 1992, c. 90, § 4, eff. July 1, 1992.