§449-5.5  Net capital.  The net capital
of any corporation engaging in the escrow depository business under this
chapter shall be not less than $50,000.  A corporation in lieu of the net
capital requirement may alternatively file a bond for $50,000 conditional upon
its satisfactory performance of escrow conditions and satisfaction of all
escrow liabilities.  The amount of the minimum net capital of $50,000, or the
bond, or a combination of both net capital or bond totalling $50,000 shall be
maintained at all times by the licensee.



Licensees in operation on May 24, 1973,
pursuant to this chapter with a net capital of less than $50,000 shall increase
its net capital to $50,000 or file a bond for $50,000, or take action so that a
combination of its net capital and bond totals $50,000, before May 24, 1978. [L
1973, c 174, §§1, 2; am L 1976, c 101, §1]