§412:10-107 Grant of approval. (a) Approval of the application for charter shall be granted if the commissioner finds that:
(b) Upon approval of the application by the commissioner, the credit union shall be a body corporate and as such, subject to the limitations herein contained, shall be vested with all the powers and charged with all the liabilities conferred and imposed by this article.
(c) In granting approval of the application, the commissioner may impose such conditions and restrictions as shall be in the public interest, including without limitation requiring the applicants to fulfill representations contained in their application and agreements made with the commissioner during the application process.
(d) Upon issuance of a charter, the commissioner shall return the articles of association and bylaws to the applicants or their representatives. The original articles and bylaws shall be preserved in the permanent files of the credit union.
(e) The applicants shall not transact any credit union business until the application has been approved by the commissioner and a charter has been issued. [L 1993, c 350, pt of §1]