WVC 31 C- 11 - 4
(a) Application to form a corporate credit union shall be made
in writing to the commissioner. The application shall contain the
names of at least ten percent of the credit unions in the proposed
field of membership, but in no case less than fifty credit unions
that have agreed to subscribe to shares in the corporate credit
union at the time the application is made.
(b) The application shall be accompanied by articles of
incorporation and bylaws.
(c) The bylaws shall provide for the selection of a board of
directors of at least five persons, all of whom shall be authorized
representatives of members. The bylaws shall require those
applying for membership to subscribe to membership shares or other
shares, or both, in a minimum amount as specified in the bylaws.