ADDITIONAL INCORPORATION REQUIREMENTS FOR CAPITAL STOCK ASSOCIATION

(a) A capital stock association's articles of incorporation must include a statement of: (1) the aggregate number of shares of common stock that the association may issue; (2) the par value of each share or that the shares are without par value; (3) whether the association may issue preferred stock; (4) the amount of stock that has been subscribed and will be paid for before the association begins business; (5) the name and address of each subscriber and the amount subscribed by each; and (6) the amount of paid-in surplus with which the association will begin business. (b) Before approving the application of a capital stock association, the commissioner may require the association to have an aggregate amount of capital in the form of stock and paid-in surplus that the finance commission by rule specifies. (c) The subscriptions for capital stock and paid-in surplus, less lawful expenditures, shall be returned pro rata to the subscribers if: (1) the application is not approved; or (2) the association does not begin business.