§ 13-6-202 — Capitalization

(a) Except as otherwise provided in this subsection,
associations shall have permanent nonwithdrawable capital stock
of one hundred dollars ($100.00) per share and this stock shall
be subscribed for as fully paid stock. An association other than
a mutual savings and loan association shall not organize with a
capital stock less than five hundred thousand dollars
($500,000.00). In a mutual savings and loan association without
capital stock, the association shall not organize with less than
five hundred thousand dollars ($500,000.00) in initial capital.
(b) If an association has par value capital stock
outstanding of less than one percent (1%) of its savings and
investment accounts outstanding, it shall either increase its
capital stock to at least one percent (1%) of such outstanding
savings accounts or discontinue the acceptance of savings and
investment accounts until this amount of capital is provided.
This subsection shall not apply to a mutual savings and loan
association.