Section 8
SEC. 8. Application for approval; contents.&mdashThe articles of incorporation of a proposed association shall be submitted to the Monetary Board together with a copy of the proposed by-laws and an application, signed by a majority and verified by one of the directors, requesting approval. The application shall set forth: (a) the names and addresses of the incorporators, directors, and officers, with a statement of their character, experience, and general fitness to engage in the savings and loan business; (b) an itemized statement of the estimated receipts and expenditures of the proposed association for the first year; (c) a showing that the public convenience and advantage will be promoted by the formation of the proposed association; (d) any other matters the Monetary Board may require. A filing fee of two hundred pesos shall be paid to the Superintendent of Banks with each application for approval of proposed articles of incorporation and by-laws, but in the case of non-stock savings and loan associations, the filing fee shall be five pesos.