32-1-240. Application to organize bank -- rulemaking. (1) Any five or more individuals, at least three of whom are residents of the state, may file an application to incorporate a proposed bank. The application must be in the form and contain the information prescribed by the department by rule. A nonrefundable application fee, as set by the department by rule, must accompany the application.

(2) The information must be set forth in the application in sufficient detail to allow the commissioner to determine if the proposed new bank meets the requirements set forth in 32-1-242 and 32-1-244.

(3) The department shall adopt rules to implement 32-1-240 through 32-1-245.