§ 1044 Banking Business Authorization Requirements

• •A bank or trust company must get a commissioner’s certificate before doing any business.
• •It cannot incur any debt until its contributed capital is fully paid.
• •The capital must be paid in lawful money to the bank’s cashier or chief financial officer.

A brand‑new bank wants to open its doors and start taking deposits.

First, the bank must wait until the commissioner signs a certificate saying it can do business. Then, even after the certificate, the bank can't take out a loan or any other debt until the owners have paid the full amount of capital they promised, in cash, to the bank's cashier or chief financial officer.