A state bank may not engage in the business of banking until it receives a certificate of authority from the banking commissioner. The banking commissioner may not deliver the certificate of authority until the bank has:
(1) received cash for the issuance of all authorized shares in the full amount subscribed;
(2) elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the banking commissioner; and
(3) complied with all the other requirements of this subtitle relating to the organization of state banks.