Section 432. Incorporation; organization certificate

When authorized by the
  superintendent  as  provided in article two of this chapter, ten or more
  savings and loan associations, the aggregate resources  of  which  shall
  not  be  less  than  five million dollars, may form the Savings and Loan
  Bank of the State  of  New  York.    Each  of  such  associations  shall
  subscribe, acknowledge and submit to the superintendent at his office an
  organization certificate in duplicate which shall specifically state:
    1. The name, "Savings and Loan Bank of the State of New York."
    2.  The  place  in  the  state of New York where its business is to be
  transacted.
    3. The number of shares for  which  each  association  has  subscribed
  which  shall  amount  in  the  aggregate  to  not  less than one hundred
  thousand dollars.
    4. The number of directors of such savings and loan bank, which  shall
  not  be  less  than  seven  nor  more than fifteen, and the names of the
  persons who shall be its directors until the first annual meeting.   The
  certificate  shall  recite that the directors possess the qualifications
  specified in section four hundred forty-one of this article.
    5. The name and location of the principal office of each  savings  and
  loan association subscribing the certificate and the aggregate resources
  of each such association.