17:9A-121 - Decrease of capital stock

17:9A-121.  Decrease of capital stock
    The commissioner shall not approve an amendment effecting a decrease in the  capital stock if the decrease will cause the capital stock to be less than the  minimum capital stock required of banks on their organization under this act as  specified in section 4;  except that, in the case of banks organized prior to  the effective date of this act, the commissioner may approve decreases in  capital stock if he shall determine that such decreases are necessary for the  continuance of an established banking business, and that the continuance of  such business is in the public interest, and that,

    (1) if the bank is a qualified bank, the decrease will not reduce the capital stock to an amount less than $500,000.00;  or

    (2) if the bank is not a qualified bank, the decrease will not reduce the capital stock to an amount less than $100,000.00;  but nothing in this section shall prevent a reduction in capital stock on retirement of preferred stock pursuant to any law in effect when the preferred stock was issued.

     L.1948, c. 67, p. 276, s. 121.  Amended by L.1965, c. 171, s. 17.