§ 19-2-2. Contents of agreement to form.
(a) Any agreement to form shall state that the subscribers to the agreement associate themselves with the intention of forming a financial institution pursuant to this title to transact business authorized by this title within this state and shall specify:
(1) The name by which the financial institution shall be known, which shall be consistent with words identified with those of financial institutions.
(2) The purpose for which it is formed.
(3) The address at which its business is to be transacted.
(4) For stock-owned companies, the amount of its capital stock, which shall in no event be less than three million dollars ($3,000,000), and the number of shares into which the capital stock is to be divided.
(5) Whether the financial institution intends to exercise trust powers.
(b) Each agreement to form shall contain the name, residence, and post office address of each subscriber, and, for stock-owned companies, the number of shares of stock that each subscriber agrees to take.
History of Section.P.L. 1995, ch. 82, § 39.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-2 - Creation and Expansion
Section 19-2-1. - Agreement to form financial institution.
Section 19-2-2. - Contents of agreement to form.
Section 19-2-3. - Application to form financial institution — Issuance or denial of certificate.
Section 19-2-4. - Notice of subscribers’ meeting.
Section 19-2-5. - Proceedings at subscribers’ meeting.
Section 19-2-6. - Certificate of president and directors elected at first meeting.
Section 19-2-7. - Approval of certificate — Filing — Fee on capital stock.
Section 19-2-8. - Certificate of secretary of state.
Section 19-2-9. - Payment for stock in cash — Certificate authorizing transaction of business.
Section 19-2-10. - Amendment of agreement to form.
Section 19-2-11. - Establishment of branches.
Section 19-2-12. - Relocation of branches.
Section 19-2-14. - Conversion to stock form of financial institution.
Section 19-2-14.1. - Mutual holding companies.
Section 19-2-15. - Approval of amendments to bylaws required.
Section 19-2-16. - Indemnification of officers and employees for acts in course of duties.
Section 19-2-17. - Oath of director.
Section 19-2-18. - Record of meetings of boards and committees.
Section 19-2-19. - Bonds of officers and employees — Supervision by director.