6-407. Applicants and initial capital

A. Any five or more adult individuals, residents of this state, may apply for a permit to organize an association under this article. The minimum initial capital which an association must have shall be determined by the deputy director, but in no event shall it be less than the amount determined by the following table, based on the population of the community in which the association's business office is to be located:

      Population    Minimum

      More than   Not more than     capital

      00    10,000      $ 50,000.00

      10,000      50,000      100,000.00

      50,000      ------      200,000.00

B. If the association's business office is to be located in an unincorporated area more than five miles from the limits of any community, then the required minimum capital shall be that for a community of ten thousand population or less; otherwise, the required capital shall be that of the community to which it is adjacent, or if near several communities, that of the community with the highest population classification in the above schedule. Minimum capital to be paid in may consist of withdrawable capital and guaranty capital as provided in this chapter. If the capital of the association to be organized includes guaranty capital, the amount of minimum initial guaranty capital shall not be less than $50,000, and not less than $100,000 if the association is to be located in a county with more than seventy-five thousand population.