Formation of co-operative bank; powers, privileges and duties related to corporations; agreement of association
Section 5. Fifteen or more individuals who associate themselves by a written agreement to form a co-operative bank may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in all laws relating to such corporations. The agreement of association shall specifically state:
(1) that the incorporators thereto associate themselves with the intention of forming a corporation;
(2) the name by which the corporation shall be known;
(3) the location of the principal office of the corporation, which shall be within the commonwealth;
(4) the purposes for which the corporation is formed and the nature of the business to be transacted;
(5) the amount and classes of its capital stock and the number of shares into which any class is to be divided; the amount of the surplus account and the amount of the undivided profits account for a stock bank and the amount of the surplus account for a mutual bank; and
(6) the name of each incorporator and the number of shares of capital stock, if any, which the incorporator agrees to take and the class or classes of such shares.
The name of each incorporator shall be subscribed to the agreement of association.