(a) Any development finance corporation that desires to establish and operate a capital development company may subscribe, acknowledge, and file in duplicate with the Bank Commissioner an application for approval and proposed articles.
(b) The application for approval shall include a certificate executed by the chief executive officer of the capital development company certifying:
(1) That not less than one hundred thousand dollars ($100,000) of equity interests have been subscribed and fully paid for;
(2) The name and address of the depository or the names and addresses of the depositories, if more than one (1), holding on deposit the funds of the company; and
(3) The names and addresses of the members of the governing board and the officers, managers, and other persons responsible for carrying out the day-to-day operations of the company.
(c) The application for approval shall also be accompanied by any governing documents adopted by the governing board or the subscribers of equity interests of the company.
Section: Previous 15-4-1002 15-4-1003 15-4-1004 15-4-1008 15-4-1009 15-4-1011 15-4-1012 15-4-1013 15-4-1014 15-4-1015 15-4-1016 15-4-1017 15-4-1018 15-4-1019 NextLast modified: November 15, 2016