Upon written application by five signatories from among not less than 21 individuals acting in the capacity of qualified corporators named in the application, the department may issue a charter for a mutual bank.
AS 06.15.020
Chartering of mutual banks
Known as the Mutual Savings Bank Act
The act spans §§ 6–6 (35 sections).
Official source: Alaska State Legislature. Reproduced from public-domain Alaska statutes; confirm against the official source for the current text. Not legal advice.