§449-5.5 - Net capital.
§449-5.5 Net capital. The net capital of any corporation engaging in the escrow depository business under this chapter shall be not less than $50,000. A corporation in lieu of the net capital requirement may alternatively file a bond for $50,000 conditional upon its satisfactory performance of escrow conditions and satisfaction of all escrow liabilities. The amount of the minimum net capital of $50,000, or the bond, or a combination of both net capital or bond totalling $50,000 shall be maintained at all times by the licensee.
Licensees in operation on May 24, 1973, pursuant to this chapter with a net capital of less than $50,000 shall increase its net capital to $50,000 or file a bond for $50,000, or take action so that a combination of its net capital and bond totals $50,000, before May 24, 1978. [L 1973, c 174, §§1, 2; am L 1976, c 101, §1]