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 shall reduce the surplus fund to an amount less than 30% of the resulting total capital.
(c) Any bank or trust company may reduce its surplus account with permission of the commissioner.
History: L. 1947, ch. 102, § 25; L. 1975, ch. 44, § 11; L. 1989, ch. 48, § 24; L. 2001, ch. 87, § 4; L. 2015, ch. 38, § 43; L. 2018, ch. 75, § 20; July 1.
Structure Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 9 - Banking Code; Capital Stock And Structure
9-903 Transfer of stock; report to commissioner.
9-904 Reduction of capital stock, when.
9-905 Increase of capital stock.
9-906 Restoration of impaired capital.
9-907 Delinquent stockholders; public or private sale of stock.
9-909 Preferred stock; rights and immunities of holders.
9-910 Dividends from capital stock prohibited; how current dividends paid.