9-902. Par value of stock.
9-902
9-902. Par value of stock.
The common and preferred stock of any bank or trust company hereafter
created shall be divided into shares of $5 each, or a multiple thereof. All
subscriptions to such stock shall be paid in cash and any bank or trust
company may change the par value of its shares to conform with this
section. When any bank or trust company shall reduce its common capital
stock and issue preferred stock in lieu of such reduction, it may reduce
the par value of the common stock in
the proportion that the total amount of capital stock is reduced, but when
the preferred stock is retired the par value of the common shares shall be
restored.
History: L. 1947, ch. 102, § 15; L. 1965, ch. 74, §
1; L. 1969, ch. 60, § 1; L. 1989, ch. 48, § 16; July 1.