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2019 SESSION
HB 2419 Banks; capital stock.
Introduced by: David E. Yancey | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Banks; capital stock. Repeals a provision that bars the State Corporation Commission from authorizing a bank to commence business if commissions or other compensation have been paid by the bank for the sale of stock in the bank. The measure also removes the requirement that both organizing directors of a bank be bonded for an amount equal to the total amount of money to be collected before the bank opens for business through stock subscriptions or from purchases of the bank's stock. This bill is identical to SB 1609.
SUMMARY AS INTRODUCED:
Banks; capital stock. Repeals a provision that bars the State Corporation Commission from authorizing a bank to commence business if commissions or other compensation have been paid by the bank for the sale of stock in the bank. The measure also removes the requirement that both organizing directors of a bank be bonded for an amount equal to the total amount of money to be collected before the bank opens for business through stock subscriptions or from purchases of the bank's stock.