Who may organize -- Number of directors required

(1) Any five (5) or more natural persons may organize a corporation for the purpose of obtaining a charter to transact business as a: (a) Bank; (b) Trust company; or (c) Combined bank and trust company. (2) The board of directors of a bank, trust company, or combined bank and trust company shall not be less than the number of organizers required for the corporation under subsection (1) of this section.