(a) To become the public corporation authorized by this article, the Governor, the Finance Director, and the President of the Alabama Association of Regional Councils shall present to the Secretary of State of Alabama an application signed by the applicants listed in Section 11-85-101 which shall set forth all of the following:
(1) The name, official designation, and official residence of each of the applicants, together with a certified copy of the commission evidencing each applicant's right to office.
(2) The date on which each applicant was inducted into office and the term of office of each applicant.
(3) The name of the proposed public corporation, which shall be the Alabama Revolving Loan Fund Authority.
(4) The location of the principal office of the proposed corporation.
(b) The applicants may also include in the application any other matters which are not inconsistent with this article or with any of the other laws of the state.
(c) The application shall be subscribed and sworn to by each of the applicants before an officer authorized by the laws of this state to take acknowledgements to deeds.
(d) The Secretary of State shall examine the application and, if he or she finds that it substantially complies with the requirements of this section, he or she shall receive and file it and record it in an appropriate book of records in his or her office.