Ok, thanks for the answers. However I'm still confused how to setup the address to which the 50 btc will be transfered upon creation. AFAIK an account can have multiple addresses and a wallet can have multiple accounts. So what address is used?
NONE ..the daemon will put it directly into the wallet file.
OK, thanks, so if i make a listreceivedbyaddress rpc call to bitcoind I would see a new address with amount 50 btc?