The corporators shall file with the articles of association a certificate of the Commissioner of Financial Regulation that the formation of such corporation is in his or her opinion for the public good. No such corporation shall be formed unless such corporation is in his or her opinion for the public good. No such corporation shall be formed unless such certificate has been furnished and so filed. Such corporation may be formed without capital stock, and the trustees and the clerk shall be appointed by the Governor for the term of two years and until their successors are appointed and qualify. All such trustees shall be citizens of this State. (Amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)