(1) When the Director of the Department of Consumer and Business Services issues a certificate of incorporation for a new association, the director shall include in the certificate, as conditions that must be met prior to the issuance of a certificate of authority to do business, requirements that in the opinion of the director will justify the initial successful operation of the association. Requirements in the certificate of a new association shall include, but need not be limited to:
(a) The minimum amount of stated capital and capital surplus that must be subscribed and paid in to a new stock association; or
(b) The minimum expense fund that must be paid in to a new mutual association; and
(c) The minimum number and value of savings accounts that must be subscribed and pledged to a mutual or stock association upon issuance to it of a certificate of authority.
(2) All payments required by this section shall be in lawful money of the United States. [1975 c.582 §45]
Section: Previous 722.030 722.032 722.034 722.035 722.036 722.038 722.040 722.042 722.044 722.045 722.046 722.048 722.050 722.052 722.055 NextLast modified: August 7, 2008