§412:3-209 Paid-in capital and surplus. (a) Every financial institution existing or organized under the laws of this State shall at all times, and every applicant in organization shall before filing the final application for a charter or license under this part and at all times thereafter, have paid-in capital and surplus of not less than the following amounts for each type of institution specified below:
Banks $5,000,000
Savings banks $3,000,000
Savings and loan associations $2,000,000
Trust companies $1,500,000
Depository financial services
loan companies $1,000,000
(b) The initial paid-in capital and surplus of each financial institution shall be in money or in the form of such other property as may be authorized by the board of directors and approved in writing by the commissioner. [L 1993, c 350, pt of §1]
Cross References
Nondepository financial services loan companies, paid-in capital and surplus, see §412:3-306.
Section: Previous 412-3-202 412-3-203 412-3-204 412-3-205 412-3-206 412-3-207 412-3-208 412-3-209 412-3-210 412-3-211 412-3-212 412-3-213 412-3-300 412-3-301 412-3-302 NextLast modified: October 27, 2016