Section 7
SEC. 7. Prerequisite approval of articles of incorporation and by-laws.&mdashThe articles of incorporation and by-laws of a proposed savings and loan association shall not be filed in the Office of the Securities and Exchange Commissioner unless there is attached thereto a certificate the Monetary Board approving such articles and by-laws. Provided, however, That this requirement shall not apply to savings and loan associations duly incorporated or registered prior to the approval of this Act and which are actually existing and operating as such: Provided, further, That such existing savings and loan associations shall an information sheet within sixty days after the approval of this Act with the Central Bank in a form prescribed by the Monetary Board and shall comply with the requirements of Sections eight and nine of this Act not later one year from the approval thereof. No person, association, partnership or corporation shall hold itself out as doing business as a savings and loan association or shall use the term "savings and loan association" or any other title or name tending to give the public the impression that it is engaged in the operations and activities of a savings and loan association unless so authorized under this Act.