1. (a) The finance commission by rule shall set the minimum initial capital of a savings bank in an amount not less than the greater of:

   1. (1) the amount required to obtain insurance of deposit accounts by the Federal Deposit Insurance Corporation; or
   2. (2) the amount required of a national bank.
2. (b) The initial capital must be paid in cash before the savings bank may begin business.

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

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 38, eff. Sept. 1, 2001.