9-906.   Restoration of impaired capital.Whenever it shall appear that the capital stock of any bank or trustcompany is impaired, the commissioner shall notify such bank or trustcompany to restore the capital stock within 90 days ofreceipt of such notice. Within15 days of receipt of such notice, the board ofdirectors of such bank or trust company shall levy an assessment onthe common stockholders sufficient to restore the capitalstock. Such bank ortrust company with its board's approval mayreduce its capital stockto the extent of the impairment, if such reduction will not reduce thecapital stock below the amount required by this act.

      History:   L. 1947, ch. 102, § 19;L. 1987, ch. 54, § 3; May 7.