The incorporators shall: File with the Commissioner for examination three copies of the articles of incorporation and two copies of the bylaws; and Pay to the Commissioner a fee of $500. The Commissioner shall investigate and determine if: The articles and bylaws are framed in accordance with law and are reasonable; The character, responsibility, and general fitness of the incorporators command confidence and warrant belief that the business of the proposed credit union will be conducted honestly and efficiently, in accordance with the intent of this title; and Allowing the proposed credit union to engage in business: Will promote public convenience and advantage; and Is expedient and desirable. After the investigation, the Commissioner may require any change in the articles of incorporation or bylaws that the Commissioner considers necessary. Unless the Commissioner notifies the applicant that a different time period is necessary, within 120 days after the articles and bylaws are filed, the Commissioner shall sign, date, and endorse each copy of the articles and bylaws as “approved” or “refused”. If formation of the credit union is refused, the Commissioner shall notify the incorporators in writing of the reason for the refusal. If formation of the credit union is approved, the Commissioner shall: Return to the incorporators two of the endorsed copies of the articles and one of the endorsed copies of the bylaws; and Keep one of the endorsed copies of the articles and the bylaws.