9-912.   Surplus account; stock dividends from reduction.Any losses sustained by a bank or trust company in excess of its undividedprofits may be charged to its surplus fund. Any bank or trust company,after receiving approval from the commissioner, may declare a stockdividend from its surplus fund, but no such dividend shall reduce thesurplus fund to an amount less than 30% of the resulting total capital andany bank or trust company may reduce its surplus with permission of thestate bank commissioner.

      History:   L. 1947, ch. 102, § 25; L. 1975, ch. 44, § 11;L. 1989, ch. 48, § 24;L. 2001, ch. 87, § 4; July 1.