Section 450. Incorporation; organization certificate

When authorized by
  the superintendent as provided in article two of this chapter, seven  or
  more  persons  employed  or residing in the state of New York may form a
  corporation to be known as a credit union, which may include a corporate
  credit union or a credit union. The provisions  of  this  article  shall
  apply  to a corporate credit union or a credit union except as otherwise
  provided.  Such persons shall subscribe and acknowledge  and  submit  to
  the   superintendent  at  his  office  an  organization  certificate  in
  duplicate which shall specifically state:
    1. The name of the corporation which shall include the  words  "credit
  union."
    2.  The place where its business is to be transacted. If the condition
  of membership is employment  of  its  members  by  certain  individuals,
  partnerships  or  corporations,  the  place  of  business  of  any  such
  individual, partnership or corporation may be stated  as  the  place  of
  business of such credit union.
    3. The par value of the shares.
    4.  The  full  name,  residence and post office address of each of the
  incorporators.  These incorporators may serve  as  directors  until  the
  first  annual  meeting  of  shareholders.   The organization certificate
  shall also indicate which of the incorporators will serve  as  directors
  until such meeting.
    5. Its duration if other than perpetual.