32-2-241. Organization of capital stock associations. The incorporators of a capital stock association shall appoint one of their number as presiding officer of the incorporators, and the presiding officer shall procure from a surety company or other surety acceptable to the department a surety bond in an amount at least equal to the sum of the amount of capital stock contributions and the additional amounts described in 32-2-242. The bond must name the department as obligee and must be delivered to the department. The bond must ensure the safekeeping of the funds described and their delivery to the association after the issuance of the certificate of incorporation and the bonding of the officers. In the event of the failure to complete organization, the bond must ensure the return of the amounts collected to the respective subscribers or their assigns, less reasonable expenses, which must be deducted from the paid-in surplus. Before a certificate of incorporation is issued, the subscribers shall pay to the presiding officer, in cash, labor, or services actually performed, the capital of the association. The capital must be the sum of the par or initially stated value of all shares of voting capital stock. Each share of capital stock entitles the holder of the share to one vote. The minimum required capital is $500,000.
History: En. Sec. 30, Ch. 5, L. 1983; amd. Sec. 1034, Ch. 56, L. 2009.