Rhode Island § 19-2-10 - Creation and Expansion
Full text of Rhode Island Rhode Island General Laws § 19-2-10 — Creation and Expansion, with citation guidance and answers to common questions.
§ 19-2-10. Creation and Expansion
R.I. Gen. Laws § 19-2-10
§ 19-2-10. Amendment of agreement to form.
(a) Subject to the approval of the director, or the director’s designee, any financial institution or credit union may amend its agreement to form.
(b) If the amendment increases the capital stock of a stock financial institution, the certificate of the general treasurer that the financial institution has paid into the treasury for the use of the state a sum equal to one tenth of one percent (.1%) of the increase shall be presented to the secretary of state; provided, however, that no share or shares of any increase of stock shall be issued by any financial institution until the par value of the stock has been actually paid in cash.
(c) The director, or the director’s designee, may permit any stock financial institution to transfer to its capital account, from any surplus accounts that are not set aside as security for any class of depositors, an amount that will leave, after the transfer, a surplus in addition to any amount set aside as special security of at least one hundred percent (100%) of the total capital stock. The director may authorize the financial institution to issue further shares of stock for the transferred amount whenever the director, or the director’s designee, is satisfied that the entire capital stock when added to and the remaining surplus represent assets of equivalent value properly invested for banking purposes; and provided, also, that nothing in this section shall be construed to affect, in any way, any right with respect to the determination of the amount and issue of capital stock conferred upon any existing financial institution by its act of formation or any amendment or addition to its act of formation, except that no capital stock shall be issued until the par value of the stock has been actually paid in cash, and until the director, or the director’s designee, certifies this; and provided further that no amendment, change, or alteration shall contain any provision that could not lawfully be contained in an original agreement to form under this title filed at the time of applying for amendment.
(d) Upon the issuance of the duplicate certified by the secretary of state, the agreement to form shall be amended accordingly.
History of Section.
P.L. 1995, ch. 82, § 39; P.L. 2000, ch. 146, § 1.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 19-2-10
What does Rhode Island General Laws § 19-2-10 cover?
Section 19-2-10 ("Creation and Expansion") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 19-2-10?
A common citation format is "Rhode Island General Laws § 19-2-10" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 19-2-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.