After receipt of an application such as referred to in Section 2002 of this title, the Bank Commissioner shall cause an appropriate investigation to be made for the purpose of determining whether the application, the certificate of incorporation and the bylaws conform to the provisions of the laws of the State of Oklahoma. If the application, the certificate of incorporation and the bylaws conform to the provisions of this act, and the Bank Commissioner is satisfied that:

(1) the characteristics of the common bond of the field of membership are favorable to the economic viability of the proposed credit union and will not materially and substantially overlap the field of membership of existing credit unions in the territory in which it will operate; and

(2) the reputation, character, financial responsibility and business experience of the initial board of directors and supervisory committee provide assurance that the credit union's affairs will be properly administered,

the Bank Commissioner shall, within forty-five (45) days after receipt of the application, submit a report of his investigation to the State Credit Union Board, together with his recommendation to the State Credit Union Board that the application be approved or disapproved. The State Credit Union Board shall, within sixty (60) days after the receipt of the report and recommendation of the Bank Commissioner, cause a certificate of approval to be issued or cause written notice to applicants of disapproval. Thereafter, the certificate of incorporation with the certificate of approval of the State Credit Union Board attached shall be filed in the office of the Secretary of State and a copy thereof, duly certified to by the Secretary of State, shall be filed with the State Credit Union Board. A copy of the certificate of incorporation and bylaws as approved shall be returned to the incorporators. The Secretary of State shall issue a certificate in the form provided by law for other corporations, and the existence of said credit union as a corporation shall date from the issuance of the certificate of incorporation by the Secretary of State, from which time it shall have and may exercise the powers conferred upon corporations generally, except as limited or modified by the laws of the State of Oklahoma.

Added by Laws 1941, p. 11, § 3. Amended by Laws 1965, c. 496, § 2, emerg. eff. July 19, 1965; Laws 1974, c. 267, § 2; Laws 1992, c. 90, § 5, eff. July 1, 1992.