§412:3-209  Paid-in capital and
surplus.  (a)  Every financial institution existing or organized under the
laws of this State shall at all times, and every applicant in organization
shall before filing the final application for a charter or license under this
part and at all times thereafter, have paid-in capital and surplus of not less
than 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 of
each financial institution shall be in money or in the form of such other
property as may be authorized by the board of directors and approved in writing
by the commissioner. [L 1993, c 350, pt of §1]



 



Cross References



 



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