A state bank may be organized by five or more individual incorporators or a bank holding company subject to the requirements of the Banking Act. A majority of the incorporators shall be residents of the state. Each incorporator shall subscribe and pay in full in cash for stock having a value of not less than one percent of the authorized capital structure.
History: 1953 Comp., § 48-22-41, enacted by Laws 1963, ch. 305, § 41; 1997, ch. 23, § 5.
The 1997 amendment, effective July 1, 1997, inserted "or a bank holding company" in the first sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 20.
9 C.J.S. Banks and Banking § 33.
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