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524.401 Minimum capital.

1. The minimum capital of a state bank existing and operating on July 1, 1995, shall be as follows:

a. The amount required by subsection 2.

b. An amount less than that provided for under paragraph "a" which the state bank had on July 1, 1995, but not less than the minimum amount required by law prior to that date.

2. The minimum capital of a state bank originally incorporated pursuant to the provisions of this chapter shall not be less than the amount required by the federal deposit insurance corporation, or its successor, or a greater amount which the superintendent may deem necessary in view of the deposit potential of the state bank and current banking standards relating to total capital requirements.

3. A state bank originally incorporated pursuant to this chapter shall establish, prior to receiving authorization to do business from the superintendent, paid-in surplus and undivided profits as required by the superintendent.

Section History: Early form

[C97, § 1843, 1864; S13, § 1843, 1864; C24, 27, § 9160, 9206; C31, § 9217-c1; C35, § 9217-c1, 9283-f14; C39, § 9217.1, 9283.42; C46, 50, 54, 58, 62, 66, § 528.1, 528.127; C71, 73, 75, 77, 79, 81, § 524.401]

Section History: Recent form

95 Acts, ch 148, §35

Internal References

Referred to in § 524.103

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