Section 420-G. Insurance of accounts and eligibility provisions

1.   It
  shall be the duty of the fund  to  insure  the  accounts  of  all  state
  savings and loan associations that apply and qualify therefor.  Approval
  of  the  application shall constitute the savings and loan association a
  member of the fund.
    2. Applications shall be in such form as the fund shall prescribe, and
  shall contain an agreement (a)  to  pay  the  reasonable  cost  of  such
  examinations  as  the  fund shall deem necessary in connection with such
  insurance, and (b) if the insurance is granted, to permit  and  pay  the
  cost  of  such examinations as in the judgment of the fund may from time
  to time be necessary for its protection and  the  protection  of  member
  savings  and loan associations, to permit the fund to have access to any
  information or report with respect to any examination made by any public
  regulatory authority and to  furnish  any  additional  information  with
  respect  thereto as the fund may require, and to pay the premium charges
  for insurance as hereinafter provided.
    3. The fund shall reject the application of any applicant if it  finds
  that  the  applicant  has  assets  insufficient to pay its debts and the
  amount due its members upon  savings  accounts  or  that  its  financial
  policies  or  management  are unsafe or unsound; and the fund may reject
  the application of any applicant if it finds that the character  of  the
  management of the applicant or its home financing policy is inconsistent
  with  economical  home  financing  or with the purposes of this article.
  Upon the approval of any application for insurance the fund shall notify
  the applicant, and upon the required purchase of the  capital  stock  of
  the  fund  and  upon  the payment of the initial premium charge for such
  insurance and required advance premiums the  fund  shall  issue  to  the
  applicant   a   certificate  stating  that  it  has  become  an  insured
  institution. In considering applications for  such  insurance  the  fund
  shall  give  full  consideration  to  all factors in connection with the
  financial condition of applicants and insured  institutions,  and  shall
  have  power to require such adjustments in their financial statements as
  the fund finds to be necessary.
    4. Any savings and loan association which applies after January first,
  nineteen hundred sixty-seven for insurance under this article shall pay,
  in the event its application is  approved,  an  admission  fee  in  such
  amount  as the fund shall determine, taking into consideration the total
  cost of processing all insurance applications.