; application (1) Formation Subject to the terms of this subtitle and any regulations issued by the Director, a person or entity may file an application with the Director to establish the Exchange. The Exchange may be established as a corporation, mutual association, partnership, limited liability corporation, cooperative, or any other organizational form that the applicant may deem appropriate. (2) Contents of application An application for establishment of the Exchange shall include— (A) the proposed articles of association; (B) a statement of the general object and purpose of the Exchange, consistent with the provisions of this subtitle; (C) the proposed capitalization and business plan for the Exchange; (D) the proposed State whose law would govern, by election of the applicant, the operation of the Exchange to the extent not otherwise covered by this subtitle; (E) information on the financial resources of the applicant; (F) a statement of the relevant housing finance experience of the applicant; (G) identification of the proposed senior managers of the Exchange, and the relevant experience of such individuals; and (H) any other information the Director determines to be necessary to evaluate the background, experience, and integrity of the applicant and the proposed senior managers, or information otherwise relevant to determine the likely success of the proposed Exchange. (3) Directors The Exchange shall be governed by a board of directors— (A) a majority of which have experience in housing and housing finance businesses; (B) at least one of which shall have knowledge of smaller financial institutions