Legislation
SECTION 216
Capital stock
Banking (BNK) CHAPTER 2, ARTICLE 5-A
§ 216. Capital stock. The capital stock of such corporation shall be
five hundred thousand shares of common and preferred stock, in such
amounts as shall be established in the by-laws by the board of
directors, with the preferred stock having such relative rights,
preferences and limitations as shall be established in the by-laws by
the board of directors. At least a majority of the capital stock of
such corporation shall at all times be held by residents of the state or
by persons, firms or corporations engaged in doing business therein.
five hundred thousand shares of common and preferred stock, in such
amounts as shall be established in the by-laws by the board of
directors, with the preferred stock having such relative rights,
preferences and limitations as shall be established in the by-laws by
the board of directors. At least a majority of the capital stock of
such corporation shall at all times be held by residents of the state or
by persons, firms or corporations engaged in doing business therein.