7. (1) The memorandum must be signed in duplicate by the founders in the presence of a witness. One of such duplicates shall be sent to the Minister of Consumer Affairs, Cooperatives and Financial Institutions, who, if he think fit to authorize the formation of the association, shall cause to be published once in the Gazette officielle du Québec a notice, according to form 2, of the formation of the association, and a notice according to form 3 shall be at once sent to the prothonotary of the district and to the registrar of the registration division in which the association is formed.
(2) The association shall consist of the persons who have signed the declaration mentioned in section 3 and of all who may afterwards subscribe for ordinary shares in the association.