9-908. Preferred stock.
9-908
9-908. Preferred stock.
Any bank or trust company may issue preferred stock of one or more classes in
such amounts as shall be approved by the state bank
commissioner. The holders of 2/3 in amount of the common stock of such bank
or trust company must approve such issuance at a meeting held for that purpose
and for which notice by registered mail must be given to each stockholder by
mailing 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 so
issued shall be paid in. With the approval of the state banking board
the 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 the
common stock shall be increased in an amount equal to the amount of the
preferred stock retired. All preferred stock shall be retired consistent with
safety 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.