9-902.   Par value of stock.The common and preferred stock of any bank or trust company hereaftercreated shall be divided into shares of $5 each, or a multiple thereof. Allsubscriptions to such stock shall be paid in cash and any bank or trustcompany may change the par value of its shares to conform with thissection. When any bank or trust company shall reduce its common capitalstock and issue preferred stock in lieu of such reduction, it may reducethe par value of the common stock inthe proportion that the total amount of capital stock is reduced, but whenthe preferred stock is retired the par value of the common shares shall berestored.

      History:   L. 1947, ch. 102, § 15; L. 1965, ch. 74, §1; L. 1969, ch. 60, § 1; L. 1989, ch. 48, § 16; July 1.