§ 1753 — Federal Credit Union Organization

Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer oaths an organization certificate in duplicate which shall specifically state: (1) the name of the association; (2) the location of the proposed Federal credit union and the territory in which it will operate; (3) the names and addresses of the subscribers to the certificate and the number of shares subscribed by each; (4) the initial par value of the shares; (5) the proposed field of membership, specified in detail; (6) the term of the existence of the corporation, which may be perpetual; and (7) the fact that the certificate is made to enable such persons to avail themselves of the advantages of this chapter.