31.12.035  <<  31.12.055 >>   31.12.065

Manner of organizingArticles of incorporationSubmission to director.

(1) Persons applying for the organization of a credit union shall execute articles of incorporation stating:
(a) The initial name and location of the credit union;
(b) That the duration of the credit union is perpetual;
(c) That the purpose of the credit union is to engage in the business of a credit union and any other lawful activities permitted to a credit union by applicable law;
(d) The number of its directors, which must not be less than five or greater than fifteen, and the names of the persons who are to serve as the initial directors;
(e) The names of the incorporators;
(f) The extent, if any, to which personal liability of directors is limited;
(g) The extent, if any, to which directors, supervisory committee members, officers, employees, and others will be indemnified by the credit union; and
(h) Any other provision which is not inconsistent with this chapter.
(2) Applicants shall submit the articles of incorporation in triplicate to the director.


FindingsConstruction1994 c 256: See RCW 43.320.007.
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