524.401 Minimum capital. 1. The minimum capital structure of a state bank existing and operating on July 1, 1995, shall not be less than the amount required by law prior to that date. 2. The minimum capital structure of a state bank incorporated after July 1, 1995, or organized after July 1, 2004, pursuant to the provisions of this chapter shall not be lessthan the amount required by the federal deposit insurance corporation, or its successor,or a greater amount which the superintendent may deem necessary in view of thedeposit potential of the state bank and current banking standards relating to total capitalrequirements. 3. A state bank incorporated on or after July 1, 1995, or organized after July 1, 2004, pursuant to this chapter, prior to receiving authorization to do business from thesuperintendent, shall establish paid-in surplus and undivided profits as required by thesuperintendent. 4. A state bank originally incorporated or organized pursuant to this chapter shall establish, prior to receiving authorization to do business from the superintendent, paid-insurplus and undivided profits as required by the superintendent. or organized pursuant to this chapter shall establish, prior to receiving authorization to do business from the superintendent, paid-insurplus and undivided profits as required by the superintendent. [C97, §1843, 1864; S13, §1843, 1864; C24, 27, §9160, 9206; C31, §9217-c1; C35, §9217-c1, 9283-f14; C39, §9217.1, 9283.42; C46, 50, 54, 58, 62, 66, §528.1, 528.127; C71, 73, 75, 77, 79,81, §524.401] 95 Acts, ch 148, §35; 96 Acts, ch 1056, §7; 2004 Acts, ch 1141, §62Referred to in §524.103 Sat Dec 23 01:13:06 2023 Iowa Code 2024, Section 524.401 (22, 0)
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