(a) Any number of institutions, not less than 25, may become incorporated as a mutual
deposit guaranty association without capital stock subject to the limitations prescribed
in this Article. A mutual deposit guaranty association shall be governed by a board of directors
or board of trustees of which a majority shall be representatives of the public and
shall not be employees or directors of any insured member institution or have an interest
in any insured member institution other than as a result of being a depositor or borrower.
(b) Articles of incorporation of a guaranty association shall be filed in the office
of the Secretary of State. The Secretary of State shall, upon receipt of such articles, transmit a copy of
them to the Secretary of Commerce and shall not record them until authorized to do
so by the Secretary of Commerce.
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