9-901a. Capital requirements. (a) For purposes of this section: (1) “Capital” means: (A) For a stock bank or trust company, the total of the aggregate par value of a bank’s or trust company’s outstanding shares of capital stock, its surplus and its undivided profits; and (B) for a mutual bank, the total of the funds […]
9-902. Par value of stock. (a) The common and preferred stock of any stock bank or trust company hereafter created shall be divided into shares of $1 each, or any whole number multiple thereof. All subscriptions to such stock shall be paid in cash and any bank or trust company may change the par value […]
9-903. Transfer of stock; report to commissioner. (a) The shares of stock of any stock bank or trust company shall be deemed personal property and shall be transferred on the books of the bank or trust company in such manner as the bylaws thereof may direct. (b) No transfer of stock shall be valid against […]
9-904. Reduction of capital stock, when. (a) With prior approval of the commissioner, a stock bank or trust company may reduce the amount of its capital stock account. No such reduction shall be approved unless the commissioner finds that: (1) The proposed reduction is necessary to provide greater operational flexibility to an adequately capitalized, well-managed […]
9-905. Increase of capital stock. The capital stock of any stock bank or trust company may be increased. The president and cashier shall forward a verified statement to the commissioner showing the amount of the increase, paid in full, the names and addresses of the subscribers and the amount subscribed by each. History: L. 1947, […]
9-906. Restoration of impaired capital. (a) Whenever it shall appear that the capital stock of any stock bank or trust company is impaired, the commissioner shall notify the stock bank or trust company to restore the capital stock within 90 days of receipt of such notice. (b) For purposes of this section, “impairment” means that […]
9-907. Delinquent stockholders; public or private sale of stock. (a) Whenever any stockholder of a stock bank or trust company or an assignee of such stockholder, fails to pay any assessment as required by K.S.A. 9-906, and amendments thereto, the directors of the bank or trust company may sell the stock of such delinquent stockholder, […]
9-908. Preferred stock. (a) Upon the affirmative vote of 2/3 of the voting shares of the common stock of a stock bank or trust company, and with the prior approval of the commissioner, a stock bank or trust company may issue preferred stock of one or more classes. The stockholders shall have a meeting to […]
9-909. Preferred stock; rights and immunities of holders. The holders of preferred stock shall not be liable for assessments to restore any impairment in the capital stock of a bank or trust company. No dividends shall be declared or paid on common stock until all cumulative dividends, if any, on the preferred stock shall have […]
9-910. Dividends from capital stock prohibited; how current dividends paid. No dividends shall be paid from the capital stock account of a stock bank or trust company. The current dividends of any stock bank or trust company or of any mutual bank shall be paid from undivided profits after deducting losses. These losses are determined […]
9-911. Declarations of dividends. (a) The directors of any stock bank or trust company or of any mutual bank may declare cash dividends only from undivided profits. For a stock bank, before paying this dividend, the directors shall ensure that the surplus fund equals or exceeds the capital stock account. If the surplus fund is […]
9-912. Surplus account; stock dividends from reduction. (a) Any losses sustained by a bank or trust company in excess of its undivided profits may be charged to its surplus fund. (b) Any stock bank or trust company, after receiving approval from the commissioner, may declare a stock dividend from its surplus fund, but no dividend […]
