Section 393:1 Incorporators.
Twenty-five or more persons of lawful age may associate together by articles of agreement, and, upon approval of the bank commissioner, may form a corporation for the purpose of accumulating the savings of its members, and of loaning the funds so accumulated to them to enable them to purchase homesteads and improve their condition.
Source. 1887, 93:1. PS 166:1. 1905, 30:1. PL 266:1. RL 314:1.