9-802.   Existence; transaction of business before authorization.The existence of any bank or trust company as a corporation shall datefrom the filing of its articles of incorporation from which time it shallhave and may exercise the incidental powers conferred by law uponcorporations, except that no bank or trust company shall transact anybusiness except the election of officers, the taking and approving of theirofficial bonds, the receiptsof payment upon stock subscriptions and other business incidental to itsorganization, until it has secured the approval of the board and theauthorization of the commissioners to commence business.

      History:   L. 1947, ch. 102, § 5; L. 1989, ch. 48, § 13; July 1.