Any corporation, or cooperative association, organized under the laws of this state, having paid up capital of $10,000.00, or more, and in the business of making advances for agricultural purposes shall have power to do business hereunder by amending its charter and by submitting its articles of association and by-laws, attested by its proper officer, to the Federal Intermediate Credit Bank, New Orleans, Louisiana, for approval, and by recording an approved copy of the same as required above and by complying with the provisions above.