State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-154

§53‑154.  Issuance of preferred stock.

Notwithstanding any otherprovision of this Article or any other law, and notwithstanding any of theprovisions of its articles of incorporation or bylaws, any bank may, with theapproval of the Commissioner of Banks, and by vote of stockholders owning amajority of the stock of such bank, upon not less than two days' notice givenby registered mail pursuant to action taken at a meeting of its board ofdirectors (which may be held upon not less than one day's notice) issuepreferred stock in such amount and with such par value and at such annualdividend rate as shall be approved by said Commissioner of Banks. A copy of theminutes of such directors' and stockholders' meetings, certified by the properofficer and under the corporate seal of the bank, and accompanied by thewritten approval of the Commissioner of Banks shall be immediately filed in theoffice of the Secretary of State, and when so filed, shall be deemed andtreated as an amendment to the articles of incorporation of such bank.

No issue of preferred stockshall be valid until the par value of all stock so issued shall have been paidfor in full in cash or in such manner as may be specifically approved by theCommissioner of Banks. (1933, c. 155, s. 7; 1979, c. 483, s. 16.)