Rhode Island § 19-2-7 - Creation and Expansion

§ 19-2-7. Approval of certificate — Filing — Fee on capital stock.

The certificate in § 19-2-6 shall be submitted to the director, or the director’s designee, together with the records of the first meeting, and the director, or the director’s designee, shall examine the certificate and records and may require an amendment of the certificate and records or any additional information the director may consider necessary. If the director finds that the certificate and records conform to the provisions of the preceding sections relative to the organization of the financial institution; and to the provisions of this title; and that the provisions of this title have been complied with; and that public convenience and advantage will be promoted by the establishment of the financial institution, the director, or the director’s designee, shall endorse his or her approval on the certificate and shall maintain a copy of the certificate, together with the copy of the records of the first meeting. Upon approval of the certificate by the director, or the director’s designee, the certificate shall be filed in the office of the secretary of state, together with the certificate of the general treasurer that the subscribers have paid into the treasury for the use of the state a sum equal to one-tenth of one percent (.1%) of the amount of capital stock.