Wyoming Statutes
§ 13-12-106 — Required contingency account
(a)A special purpose depository institution shall
maintain a contingency account to account for unexpected losses
and expenses. A special purpose depository institution may
require the payment of contributions from depositors to fund a
contingency account. Initial capital under W.S. 13-12-110 shall
constitute compliance with this subsection for the first three
(3)years a special purpose depository institution is in
operation. After the conclusion of the first three (3) years of
operation, a special purpose depository institution shall
maintain a contingency account totaling not less than two
percent (2%) of the depository liabilities of the special
purpose depository institution, provided that the contingency
account shall be adequate and reasonable in light of current and
prospective bu
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Nearby Sections
15
§ 13-12-101
Short title§ 13-12-102
Applicability of other provisions§ 13-12-105
Required liquid assets§ 13-12-106
Required contingency account§ 13-12-107
Applicable federal and state laws§ 13-12-108
Required disclosures§ 13-12-109
Formation; articles of incorporation§ 13-12-112
Procedure upon filing application