A state trust company may not engage in the trust business until it receives its charter from the commissioner. The commissioner may not deliver the charter until the state trust company has:
(1) Received cash or marketable securities in at least the full amount of required capital from subscriptions for the issuance of shares or participation shares;
(2) Elected or qualified the initial officers and directors or managers, as appropriate, named in the application for charter or other officers and directors or managers approved by the commissioner; and
(3) Complied with all other requirements of this chapter relative to the organization of a state trust company.