§ 26–502.01. District credit union charter application procedures.

(a) An organizing group consisting of 7 or more persons within the credit union's field of membership, the majority of whom are residents of the District, may apply to organize and charter a District credit union by filing a written charter application with the Commissioner. The application shall be prepared and filed by the organizers in accordance with the forms and procedures prescribed by the Commissioner by rule.

(b) The charter application required in subsection (a) of this section shall include:

(1) The name of the District credit union, which shall include the phrase "credit union" and the location of the District credit union's principal office;

(2) The initial field of membership of the District credit union;

(3) The term of the existence of the organization, which may be perpetual;

(4) The par value of shares of the District credit union, each of which shall be $5 or more in value;

(5) The charter statement for the District credit union;

(6) The names, addresses, and taxpayer identification numbers of each organizer of the District credit union and the number of shares subscribed to by each organizer;

(7) The name, address, and taxpayer identification number of each member of the initial board of directors of the District credit union and each member of the supervisory committee of the District credit union, selected pursuant to subsection (c) of this section, and the number of shares, if any, subscribed to by each;

(8) Articles of incorporation, which the Commissioner shall have the authority to approve, prepared in accordance with the rules set forth by the Commissioner;

(9) Bylaws prepared by the organizers of the District credit union, which shall be consistent with this subchapter for the general governance of the District credit union and comply with the form the Commissioner prescribes by rule; and

(10) Any other information the Commissioner requires by rule.

(c)(1) The organizers shall select an odd number of directors, not fewer than 5 and not more than 15, who are eligible for membership and who agree to become members and serve on the board of directors.

(2) The organizers of the District credit union may select 3 or 5 people to serve on a supervisory committee. People chosen to serve on a supervisory committee shall be people who are eligible for membership in the District credit union, agree to become members of the credit union, and agree to serve on the supervisory committee.

(3) The persons selected to serve on the board of directors and a supervisory committee shall execute an agreement of service, on a form the Commissioner prescribes by rule, to serve in these capacities until the first annual meeting or until the election of their respective successors, whichever is later.

(d) The organizers of the District credit union shall apply for insurance on share and deposit accounts pursuant to § 26-502.08 prior to, or at the same time as, the time when the organizers file the charter application with the Commissioner.

(e) The organizers shall forward to the Commissioner the chartering fee, the duplicate charter statement, bylaws, agreements of service, articles of incorporation, and proof of application for insurance on share and deposit accounts.

(f) The Commissioner shall issue the applicant, in a time period prescribed by the Commissioner by rule, a certification letter in a form that enables the applicant to obtain necessary routing, transit, and bank identification numbers and to secure the necessary contractual arrangements required of a full-service financial institution.