Section 386-A:21 Minimum Capital Requirements.
The initial capital required to organize a savings bank shall be not less than $250,000 in cash, or such greater sum as may be required by the board, except that the initial capital required to organize a savings bank for the sole purpose of acting as an interim or phantom bank in the anticipation of a merger transaction, shall be such sum as may be required by the board. Such initial capital shall be fixed by the board and shall be subdivided into capital stock and an initial surplus. All amounts advanced for such purpose shall be evidenced by transferable capital debentures, in the case of a mutual savings bank, and by capital stock in the case of a guaranty savings bank. The commissioner may require any such bank to increase its capital funds or regulate the amount of its deposits, from time to time, as may be necessary, to comply with reasonable banking standards, not inconsistent with law.
Source. 1965, 279:1. 1975, 54:3. 1995, 30:1, eff. Jan. 1, 1996.