(a) The articles of incorporation shall be presented to the commissioner for approval. Before the certificate of authority is issued, the commissioner shall determine (1) whether the articles of incorporation and bylaws conform to the provisions of this chapter and to regulations of the commissioner;
(2) the general character and fitness of the subscribers; and
(3) the economic advisability of establishing the proposed credit union.
(b) A certificate of authority shall be delivered by the commissioner to the credit union if the required fee has been paid. On issuance of the certificate of authority, the credit union is a body corporate and is subject to the limitations of this chapter, and is vested with all of the powers and charged with all of the liabilities conferred and imposed by this chapter upon credit unions organized under it.