Five or more individual incorporators of a de novo bank or organizers of a converting bank desiring to organize or convert to a state bank must file with the banking board an application for charter on the form prescribed therefor and together with all other documents required by section 11-103-303, all of which instruments shall be duly signed by each of the incorporators or organizers and sworn to before an officer authorized by the laws of this state to administer oaths. A majority of the incorporators must be residents of the state and citizens of the United States. Each incorporator of a de novo bank shall, prior to the filing of said application, subscribe and pay in full in cash for stock having a par value of not less than one percent of the minimum capital and paid-in surplus requirements.Amended by 2024 Ch. 461,§ 18, eff. 8/7/2024.Amended by 2013 Ch. 282, §40, eff. 7/1/2013.L. 2003: Entire article added with relocations, p. 1084, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1477, § 40, effective July 1.This section is similar to former § 11-3-106 as it existed prior to 2003.2024 Ch. 461, was passed without a safety clause. See Colo.

ion amended, (SB 13-154), ch. 282, p. 1477, § 40, effective July 1.This section is similar to former § 11-3-106 as it existed prior to 2003.2024 Ch. 461, was passed without a safety clause. See Colo. Const. art. V, § 1(3).