The directors of a mutual state association holding company which has been established pursuant to sections 7 through 15 of this act may apply to the commissioner to incorporate a capital stock state association in accordance with this section through section 24 of this act, as a subsidiary of the mutual state association holding company. They shall issue a certificate of incorporation stating:

a. The name by which the subsidiary capital stock state association shall be known;

b. The street, street number and municipality in which the principal office of the subsidiary capital stock state association is to be located;

c. The names and addresses of the directors of the mutual state association holding company who will be the incorporators of the subsidiary capital stock state association;

d. The number of directors on the board of directors;

e. The names of the persons who will serve as directors until their successors are elected and qualified;

f. The amount of capital stock, the number of shares into which it is divided, and the par value of each share, not less than a majority of the total outstanding shares of which shall be held in the name of the mutual state association holding company; and

g. The amount of surplus with which the subsidiary capital stock state association will commence business.

L.1989,c.165,s.16.