A state bank may not engage in the business of banking until it receives a certificate of authority from the banking commissioner. The banking commissioner may not deliver the certificate of authority until the bank has:

1. (1) received cash for the issuance of all authorized shares in the full amount subscribed;
2. (2) elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the banking commissioner; and
3. (3) complied with all the other requirements of this subtitle relating to the organization of state banks.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 11, eff. September 1, 2007.