Section 58-1-52 – Incorporators.
A state bank may be organized by five or more individual incorporators or a bank holding company subject to the requirements of the Banking Act. A majority of the incorporators shall be residents of the state. Each incorporator shall subscribe and pay in full in cash for stock having a value of not less than […]
Section 58-1-53 – General corporate powers.
State banks shall have: A. all the powers provided and conferred on them in the Banking Act and such general corporate powers as are appropriate to its purpose; B. the power to act as a fiduciary in any capacity, after proper qualifications under the Banking Act, and if authorized by its articles of incorporation or […]
Section 58-1-54 – Powers of director and of state banks.
In addition to other powers provided for the director and for state banks in the Banking Act notwithstanding any other provision of laws, the director may grant to state banks any of the powers and authority that national banks or federally chartered or insured depository institutions are or may be authorized, empowered, permitted or otherwise […]
Section 58-1-55 – Capital structure; impairment of capital.
A. A state bank shall have such capital structure as the commissioner [director of the financial institutions division of the regulation and licensing department] shall deem adequate, except that no bank hereafter organized shall do business unless it shall have a bona fide minimum paid-up capital stock structure of at least, five hundred thousand dollars […]
Section 58-1-56 – Notice of intention.
A. The organizers shall file with the director a notice of their intention to organize a state bank, signed by each of them. At the time of filing the notice of intention, the organizers shall pay an investigation fee of one-half of one percent of the proposed capital structure, not to exceed seven thousand five […]
Section 58-1-57 – Application for permission to file corporate papers.
A. After the capital structure has been fully subscribed, the organizers may apply to the director for permission to file with the state corporation commission [public regulation commission]. If no application for permission to file corporate papers is filed within one hundred eighty days following the filing of notice of intention, the application period may […]
Section 58-1-58 – Determination on application for permission to file with the corporation commission [public regulation commission]
A. When an application for permission to file with the corporation commission [public regulation commission] has been delivered to the commissioner [director of the financial institutions division of the regulation and licensing department], he shall make or cause to be made a careful investigation and examination relative to: (1) the character, reputation and financial standing […]
Section 58-1-48 – Records of division.
Information from the records of the division shall be revealed only with the consent of the director. The records of the division are not public records. Any examination reports, financial information contained in applications for charters or files on investigations relating to violations of the Banking Act that do not or have not yet culminated […]
Section 58-1-41 – Supervision fees.
A. Each state bank shall annually pay to the director a supervision fee. The amount of the supervision fee paid by each state bank is computed as follows, based upon assets as of December 31: If the bank’s total assets are The assessment is Over (Thousand) But not over (Thousand) This amount Plus Of excess […]
Section 58-1-41.1 – Trust department examination; fees.
At least once in each calendar year, the director of the financial institutions division of the regulation and licensing department shall cause to be examined the condition of the trust department of each state bank exercising trust powers. A report of examination shall be sent to the board of directors of the bank of which […]