51A-6A-23. Registration of capital stock or ownership units.
105 words·~1 min read·
/sd/title-51/chapter-51-6/51a-6a-23·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the director determines that the capital stock of any trust company is impaired, the director shall notify the trust company to restore the capital stock or ownership units within ninety days of receipt of the notice. Within fifteen days of receipt of the notice, the governing board of the trust company shall levy an assessment on the owners sufficient to restore the capital stock or ownership units. The trust company, with its governing board's approval, may reduce its capital stock or ownership units to the extent of the impairment, if such reduction will not reduce the capital below the amount required by this chapter.