§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.

 

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