(1) A charter for a bank hereafter organized shall not be issued unless the corporation applying therefor shall have a surplus of not less than fifty thousand dollars or fifty percent of its paid-up capital stock, whichever is greater, and a paid-up capital stock as follows: In villages or counties of less than one thousand inhabitants, one hundred thousand dollars; in cities, villages, or counties of one thousand or more and less than twenty-five thousand inhabitants, not less than one hundred fifty thousand dollars; in cities or counties of twenty-five thousand or more and less than one hundred thousand inhabitants, not less than two hundred thousand dollars; and in cities or counties of one hundred thousand or more inhabitants, not less than five hundred thousand dollars. Such corporation shall also have minimum paid-in undivided profits of not less than twenty percent of its paid-up capital stock.
(2) Notwithstanding subsection
(1) of this section, (a) the department shall have the authority to determine the minimum amount of paid-up capital stock, surplus, and paid-in undivided profits required for any corporation applying for a bank charter, other than an applicant which has agreed to acquire substantially all of the assets and liabilities of a cooperative credit association, which amounts shall not be less than the amounts provided in subsection
(1) of this section, and (b) the amount of paid-up capital stock, surplus, and paid-in undivided profits required of an applicant which has agreed to acquire substantially all of the assets and liabilities of a cooperative credit association shall be five hundred thousand dollars.
(3) For purposes of this section, population shall be determined by the most recent federal decennial census.