§ 13-5-511 — Requirements as to capital or membership interest

(a) The capital stock or membership interest of each
public trust company shall be subscribed for as fully paid stock
or fully paid membership interests. No public trust company
shall organize with a capital stock or membership interest less
than one million dollars ($1,000,000.00).
(b) No public trust company shall commence business until
the full amount of its authorized capital or membership interest
is subscribed and fully paid in. No public trust company may
organize without a paid up surplus fund of at least twenty
percent (20%) of its legally authorized capital stock or
membership interest, and undivided profits in sufficient amount
for the first year expenses of operation as determined by the
commissioner.