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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.