9-909.   Preferred stock; rights and immunities of holders of preferredstock.The holders of preferred stock shall not be liable for assessments torestore any impairment in the capital stock of a bank or trust company.

      No dividends shall be declared or paid on common stock until allcumulative dividends, if any, on the preferred stock shall have been paid,and if the bank or trust company is dissolved or placed in liquidation nopayments shall be made to the holders of common stock until the holders ofthe preferred stock first shall have been paid in full for any sums dueupon such preferred stock.

      History:   L. 1947, ch. 102, § 22; L. 1975, ch. 44, § 10;L. 1989, ch. 48, § 21;L. 1993, ch. 14, § 1; July 1.