2010 New York Code
BNK - Banking
Article 10 - (375 - 413) SAVINGS AND LOAN ASSOCIATIONS
375 - Incorporation; organization certificate.

§ 375. Incorporation; organization certificate. When authorized by the
  superintendent  as  provided  in article two of this chapter, fifteen or
  more persons, residents of the state of New York, may form a corporation
  to be known as a  savings  and  loan  association.  Such  persons  shall
  subscribe   and   acknowledge   and  submit  to  the  superintendent  an
  organization certificate in duplicate, which shall  specifically  state:
  1. The name by which the association is to be known, which shall contain
  as a part thereof the words "savings and loan association."
    2. The place where its principal office is to be located.
    3.  The  name,  occupation and place of residence of each incorporator
  and the number of shares for which he has subscribed.
    4. The total matured value of the shares for which  the  incorporators
  have  subscribed,  which  shall  be  at  least: (a) Twenty-five thousand
  dollars if the place where the principal office is to be located  has  a
  population of ten thousand or more; or
    (b)  Ten  thousand  dollars  if  the principal office is to be located
  elsewhere.
    5. The number of directors of the association, or that the  number  of
  directors shall not be less than a stated minimum nor more than a stated
  maximum.  Such  number,  or the minimum and the maximum stated, shall be
  within the limitations prescribed by section three hundred  ninety-seven
  of this article.
    6. The names of the incorporators who shall be its directors until the
  first  annual meeting. The incorporators named as directors must possess
  the  qualifications  of  directors  as  to  citizenship  and   residence
  specified in section three hundred ninety-seven of this article.