(a) Organizational expenses shall not be paid from capital or surplus funds of the state bank without the prior written consent of the Bank Commissioner.
(b) (1) Prior to applying for a charter, the incorporators shall establish an organizational expense fund in an amount the commissioner deems adequate.
(2) The fund shall be used for expenses incurred by the incorporators in connection with the organization of the proposed state bank.
Section: 23-48-302 23-48-303 23-48-304 23-48-305 23-48-306 23-48-307 23-48-308 23-48-309 23-48-310 23-48-311 23-48-312 23-48-313 23-48-314 23-48-315 NextLast modified: November 15, 2016