SECTION 85:25-3-3. Application for new charter

  In addition to all of the information required in an application for a new charter under the Code, the application shall contain information showing:

(1)   The character, financial responsibility, business experience and standing in the community of the prospective incorporators;

(2)   The character, financial responsibility, savings and loan experience, and business qualifications of the proposed managing officer;

(3)   That conditions in the community or market area in which the new savings and loan association will transact business afford reasonable promise of a successful operation;

(4)   That the incorporators and the proposed managing officer have the capability, both financial and managerial, to establish and maintain this association;

(5)   The projected and proposed annual budget for the association during its first three years of operation.

[Source: Transferred from 625:10-1-3 (see Editor’s Note at beginning of this Chapter)]