Sec. 32.006. ISSUANCE OF CERTIFICATE OF AUTHORITY. 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) received cash for the issuance of all authorized shares in the full amount subscribed; (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) complied with all the other requirements of this subtitle relating to the organization of state banks.
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