658.25  Opening for business.--

(1)  A bank or trust company corporation shall open and conduct a general commercial bank or trust business no later than 6 months after the commencement of its corporate existence. For good cause shown, the department may extend the opening date for an additional period, not to exceed 6 months, on its own motion or at the request of the bank or trust company.

(2)  At least 30 days prior to its intended opening date, the corporation shall notify the department of its proposed opening date and confirm its compliance with all conditions imposed in the order or orders issued by the department relating to its organization.

(3)  The department shall perform a preopening examination to verify good faith compliance with all the requirements of law and that the bank or trust company corporation is ready to engage in a general commercial bank or trust business. If the department finds that such requirements have been met, it shall issue a certificate of authorization to transact a general commercial bank or trust business. Upon the issuance of the certificate of authorization, the bank or trust company corporation shall become a state bank or a state trust company and the certificate shall constitute its charter.

(4)  Upon opening for business, a bank or trust company shall have power to engage in a general commercial bank or trust business and to exercise, subject to law, all such incidental powers as may reasonably promote its general commercial bank or trust business.