The corporate existence of the bank dates from the approval of the organization certificate. But the bank is not permitted to transact business until all its capital stock has been fully paid, in cash, and an affidavit that it has been so paid has been subscribed and sworn to by two principal officers. The affidavit is filed in the county clerk's office and a certified copy of it sent to the Superintendent of Banks. The bank must keep on deposit with the Superintendent, during its existence, stocks or bonds of the state of New York or the United States to the amount of $1,000; these are registered in the name of the Superintendent and held in trust for the bank, and the interest on them may be collected by the bank so long as it continues solvent. When all requirements of the law as to certificate of intention, certificate of organization, payment of capital, and deposit of securities have been complied with, the Superintendent must within six months after the date on which the organization certificate was filed with him for examination, but in no case after that time, issue, in triplicate, an authorization certificate to the persons named in the organization certificate.

The authorization certificate states that the bank has complied with all lawful requirements of the state, that it is authorized to transact business within the state and that it can be safely entrusted with such business. One certificate is sent to the bank, one filed with the Superintendent, and the third with the county clerk, together with the organization certificate. Upon receipt of the authorization certificate the stockholders should proceed at once to elect a board of directors, who in turn should organize and elect a president, who must be chosen from their own number, together with a vice-president and such other officers as are required by their by-laws.