9-906. Restoration of impaired capital.
9-906
9-906. Restoration of impaired capital.
Whenever it shall appear that the capital stock of any bank or trust
company is impaired, the commissioner shall notify such bank or trust
company to restore the capital stock within 90 days of
receipt of such notice. Within
15 days of receipt of such notice, the board of
directors of such bank or trust company shall levy an assessment on
the common stockholders sufficient to restore the capital
stock. Such bank or
trust company with its board's approval may
reduce its capital stock
to the extent of the impairment, if such reduction will not reduce the
capital stock below the amount required by this act.
History: L. 1947, ch. 102, § 19;
L. 1987, ch. 54, § 3; May 7.