Organization

TITLE 26 BANKS AND BANKING CHAPTER 21 IDAHO CREDIT UNION ACT 26-2105. Organization. (1) Any seven (7) or more residents of the jurisdiction of the state of Idaho, of legal age, who have a common bond referred to in section 26-2110 , Idaho Code, may organize a credit union and become charter members thereof by: (a)  Filing an application furnished by the director; (b)  Executing articles of incorporation by the terms of which they agree to be bound, which articles shall state: (i)   The name, which shall include the words "credit union" and that is not the same as the name of another existing credit union that is authorized to do business in Idaho; (ii)  The term of existence of the credit union, which shall be perpetual; (iii) The par value of shares of the credit union, which shall be at least five dollars ($5.00); and (iv)  The names and addresses of the subscribers to the articles of incorporation, and the number of shares subscribed by each; (c)  Adopting bylaws for the general government of the credit union, consistent with the provisions of this chapter; and (d)  Forwarding the required application fee, articles of incorporation, and the bylaws to the director. If they conform to the statute, he shall endorse the articles of incorporation and return two (2) copies of the endorsed articles of incorporation and two (2) copies of the bylaws to the applicants of the credit union. The credit union shall deliver one (1) copy of the endorsed articles of incorporation, together with any required filing fee, to the secretary of state for filing. One (1) original copy of the articles of incorporation and bylaws shall be delivered to and retained by the department of finance. If the director approves or endorses the articles of incorporation, he will issue three (3) charters in original. The director shall have the authority to investigate the application for charter to determine whether the proposed credit union does meet the objectives of this chapter. The determination for the approval of the application for charter shall be under such rules and regulations as shall be adopted by the director. These rules and regulations shall give account to the number of potential members, their stability of employment or membership in the group comprising the common bond of membership, and the economic characteristics of the proposed common bond. If, in the opinion of the director, the proposed credit union does not meet these objectives, the charter application shall be denied. (2)  The subscribers for a credit union charter shall not transact any business until formal approval of the charter has been received. In order to simplify the organization of credit unions, the director shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with this chapter, which shall be used by credit union incorporators for their guidance. (3)  The articles of incorporation filed in the department of finance shall be available for inspection and a copy may be provided upon payment of an appropriate fee.