Source: http://www.kslegislature.org/li/b2017_18/statute/009_000_0000_chapter/009_009_0000_article/009_009_0004_section/009_009_0004_k/
Timestamp: 2018-02-23 09:58:55
Document Index: 737549191

Matched Legal Cases: ['§ 17', '§ 18', '§ 12', '§ 2', '§ 35', '§ 18']

9-904. Reduction of capital stock, when. (a) With prior approval of the commissioner, a bank or trust company may reduce the amount of its capital stock account. No such reduction shall be approved unless the commissioner finds that:
(2) the proposed reduction does not result in or is not in furtherance of a reduction in the institution's capital to an amount below the amount required by K.S.A. 9-901(a), and amendments thereto;
(b) Upon completion of the reduction, the bank or trust company shall file with the commissioner a list of its stockholders and the amount of stock held by each.
(c) Whenever the capital stock of any bank or trust company shall be reduced as herein provided, every stockholder, owner or holder of any stock certificate shall surrender the same for cancellation and shall be entitled to receive a new certificate for such person's proportion of the new stock. No dividends shall be paid to any such stockholder until the old certificate is surrendered.
History: L. 1947, ch. 102, § 17; L. 1989, ch. 48, § 18; L. 1996, ch. 175, § 12; L. 2001, ch. 87, § 2; L. 2015, ch. 38, § 35; L. 2016, ch. 54, § 18; July 1.
2018. Powered by KLISS. Rendered: 2018-02-09T04:28:26. Head Rev No: 411687