The department may not issue a charter until there is deposited not less than $50,000 in cash to the credit of the mutual bank. The amount of the deposit constitutes the initial surplus. All amounts advanced as initial surplus shall be evidenced by transferable deferred payment certificates. The department shall approve the maturity, amount of installment repayment, and interest rate of each certificate.
Section: 06.15.150 06.15.160 06.15.170 06.15.180 06.15.190 06.15.210 06.15.220 06.15.230 06.15.240 06.15.250 06.15.260 06.15.270 06.15.280 NextLast modified: November 15, 2016