17-5207.   Selection of chairman of incorporators; capital required incities of various sizes.The incorporators shall appoint one of such persons as chairman of theincorporators. The incorporators shall pay in cash, to such chairman assubscriptions to the capital of the proposed association, including thatpart of the original subscription paid by such chairman, an aggregateamount, fixed as follows in relation to the size of the place in which thehome office of the association is to be located: (1) In cities with apopulation of not more than ten thousand (10,000) inhabitants, the minimumsum of one hundred thousand dollars ($100,000); (2) in cities having apopulation of more than ten thousand (10,000) but less than one hundredthousand (100,000), the minimum sum of three hundred thousand [dollars]($300,000); (3) in cities having a population of one hundred thousand(100,000) or more, the minimum sum of five hundred thousand [dollars]($500,000): Provided, The commissioner may, in his discretion, requirea larger amount of share capital to be paid in.

      History:   L. 1943, ch. 133, § 8; L. 1972, ch. 65, §1; July 1.