§412:3-209  Paid-in capital andsurplus.  (a)  Every financial institution existing or organized under thelaws of this State shall at all times, and every applicant in organizationshall before filing the final application for a charter or license under thispart and at all times thereafter, have paid-in capital and surplus of not lessthan the following amounts for each type of institution specified below:

Banks $5,000,000

Savings banks $3,000,000

Savings and loan associations $2,000,000

Trust companies $1,500,000

Depository financial services

loan companies $1,000,000

(b)  The initial paid-in capital and surplus ofeach financial institution shall be in money or in the form of such otherproperty as may be authorized by the board of directors and approved in writingby the commissioner. [L 1993, c 350, pt of §1]

 

Cross References

 

  Nondepository financial services loan companies, paid-incapital and surplus, see §412:3-306.