A. A certificate shall not be issued to an applicant for certification pursuant to the Trust Company Act having capital of less than five hundred thousand dollars ($500,000).
B. The minimum capital requirement shall be waived for nonprofit corporations.
History: 1953 Comp., § 48-24-6, enacted by Laws 1973, ch. 191, § 6; 1991, ch. 250, § 2; 2013, ch. 88, § 3; 2013, ch. 97, § 3; 2018, ch. 64, § 4.
The 2018 amendment, effective July 1, 2018, revised the minimum capital requirement, removed language related to a past deadline, and made stylistic changes; added subsection designations "A." and "B."; in Subsection A, after "an applicant", added "for certification pursuant to the Trust Company Act", after "having", deleted "a paid up", and after "($500,000)", deleted "All trust companies that have been issued certificates pursuant to the Trust Company Act as of December 31, 2012 shall meet the increased paid-up capital requirement of five hundred thousand dollars ($500,000) on or before December 31, 2017."
The 2013 amendment, effective June 14, 2013, increased the minimum required paid-up capital; in the first sentence, after "capital of not less than", deleted "one hundred fifty thousand dollars ($150,000)" and added "five hundred thousand dollars ($500,000)"; and added the second sentence.
The 1991 amendment, effective June 14, 1991, added the second sentence and made a minor stylistic change.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 629.
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