9-802. Existence; transaction of business before authorization.
9-802
9-802. Existence; transaction of business before authorization.
The existence of any bank or trust company as a corporation shall date
from the filing of its articles of incorporation from which time it shall
have and may exercise the incidental powers conferred by law upon
corporations, except that no bank or trust company shall transact any
business except the election of officers, the taking and approving of their
official bonds, the receipts
of payment upon stock subscriptions and other business incidental to its
organization, until it has secured the approval of the board and the
authorization of the commissioners to commence business.
History: L. 1947, ch. 102, § 5; L. 1989, ch. 48, § 13; July 1.