MARVIN MANDEL, Governor

1831

unnecessary repetition of the defined phrase.

6-302. FORMATION IN GENERAL.

SEVEN OR MORE INDIVIDUALS, EACH OF WHOM IS A
RESIDENT OF THE STATE AND EACH OF WHOM HAVE A COMMON
EMPLOYER OR ARE MEMBERS OF A COMMON ORGANIZATION OR RURAL
COMMUNITY, MAY ACT AS INCORPORATORS TO FORM A CREDIT
ONION UNDER THE PROVISIONS OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
sentence of Art. 11, §135.

The provisions of present §135 which relate to
execution and acknowledgment of the articles
are included in §6—303.

The words "organisation" and "rural community"
are defined in §6—301.

6-303. ARTICLES OF INCORPORATION AND AGREEMENT -
PREPARATION AND CONTENTS.

(A) PREPARATION; EXECUTION.

THE INCORPORATORS SHALL SIGN AND ACKNOWLEDGE THREE
COPIES OF ARTICLES OF INCORPORATION AND ENTER INTO
ARTICLES OF AGREEMENT.

(B) ARTICLES OF INCORPORATION - CONTENTS.

THE ARTICLES OF INCORPORATION SHALL SPECIFY:

(1)   THE NAME OF THE CREDIT UNION;

(2)   THAT INCORPORATION UNDER THIS SUBTITLE IS

DESIRED;
UNION;

(3) THE PAR VALUE OF THE STOCK OF THE CREDIT

(M) THE MUNICIPAL AREA IN WHICH ITS OFFICE IS
TO BE LOCATED;

(5) THE NAMES AND ADDRESSES OF EACH
INCORPORATOR AND THE NUMBER OF SHARES SUBSCRIBED TO BY
EACH.

(C) ARTICLES OF AGREEMENT.

THE ARTICLES OF AGREEMENT SHALL SPECIFY THAT THE
INCORPORATORS BIND THEMSELVES TO COMPLY WITH THE
REQUIREMENTS OF THE ARTICLES OF INCORPORATION AND THE