4. The commissioner shall disapprove the application if the commissioner finds that:
a. The incorporation of the proposed credit union will not be in the public interest;
b. The incorporators do not evidence character, responsibility, and general fitness;
c. The provisions contained in the certificate of incorporation for the regulation of the business and the provisions creating or limiting the powers of the proposed credit union are improper provisions, or will not serve the best interest of the members of the proposed credit union; or
d. The conditions of employment or other conditions prevailing in any group or organization from which the membership is to be drawn are such as to result in financial instability or otherwise render the organization of the credit union inadvisable.
If the application is approved by the commissioner, the commissioner shall annex a certificate of approval, and the application shall be filed in the department.