9-908.   Preferred stock.Any bank or trust company may issue preferred stock of one or more classes insuch amounts as shall be approved by the state bankcommissioner. The holders of 2/3 in amount of the common stock of such bankor trust company must approve such issuance at a meeting held for that purposeand for which notice by registered mail must be given to each stockholder bymailing such notice at least five days in advance of the date of the meeting.No issue of preferred stock shall be valid until the par value of all stock soissued shall be paid in. With the approval of the state banking boardthe common stock may be reduced below the requirements contained in K.S.A.9-901a, and amendments thereto. No preferred stock shall be retired unless thecommon stock shall be increased in an amount equal to the amount of thepreferred stock retired. All preferred stock shall be retired consistent withsafety to the depositors.

      History:   L. 1947, ch. 102, § 21; L. 1975, ch. 44, § 9;L. 1989, ch. 48, § 20;L. 2001, ch. 87, § 3; July 1.