State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-11

§53‑11.  Decrease of capital stock.

A corporation doing businessunder the provisions of this Chapter may reduce its capital stock in the mannerprovided for other corporations upon a vote in favor of the decrease of twothirds in interest of each class of stockholders with voting powers: Provided,that no bank shall reduce its capital stock to an amount less than the minimumrequired by law. Such reduction shall not be valid or warrant the cancellationof stock certificates until it has been approved by the Commissioner of Banks.Such approval shall not be given except upon a finding by the Commissioner ofBanks that the security of existing creditors of the corporation will not beimpaired. (1921, c.  4, s. 11; C.S., s. 217(j); 1931, c. 243, s.5.)