TITLE 26

BANKS AND BANKING

CHAPTER 35

TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS

26-3504.  Minimum capital. (1) A charter shall not be issued to a corporation applying for a state trust company charter having a paid-in capital of less than one million five hundred thousand dollars ($1,500,000).

(2)  A charter to operate a trust department shall not be issued to a bank unless the capital of the bank is in an amount of not less than one million five hundred thousand dollars ($1,500,000), in addition to its statutory required minimum capital for a bank charter required by section 26-205, Idaho Code.

(3)  Subject to subsection (4) of this section, a state trust company or state bank shall at all times maintain capital in at least the amount required under subsections (1) and (2) of this section.

(4)  The director may require additional capital for a proposed or existing state trust company or state bank or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed or existing state trust company or state bank.

History:

[26-3504, added 2000, ch. 288, sec. 11, p. 986.]