4004. When corporate existence begins; conditions precedent to commencing business. 1. When the superintendent shall have endorsed his approval on the organization certificate as provided in article two of this chapter, the corporate existence of the corporation shall begin and such corporation shall then have power to elect officers and transact such other business as relates to its organization. Such corporation shall transact no other business until:
(a) All of its capital stock, except such shares as may be reserved in accordance with any provision made therefor in the organization certificate, shall have been fully paid in cash and an affidavit stating that it has been so paid, subscribed and sworn to by two of its principal officers, shall have been delivered to and filed by the superintendent.
(b) In the case of a bank or trust company, stock-form savings bank, or stock-form savings and loan association, there shall have been delivered to and filed by the superintendent a list of its stockholders, verified by two of its principal officers, giving the name, residence, post-office address and the number of shares of stock held by each stockholder; which list shall become a confidential communication and shall not be filed in the office of the county clerk or be made public, unless, in the judgment of the superintendent, the ends of justice or the public advantage will be subserved by the publication thereof;
(c) The superintendent shall have duly issued to it the authorization certificate specified in article two of this chapter.
Last modified: February 3, 2019