48.04 INCREASE AND REDUCTION OF CAPITAL.
No increase or reduction of the capital of any banking institution shall be valid until the
entire new capital has been paid in cash, and certified to the commissioner under oath of the
president, vice-president, or cashier. The commissioner shall thereupon issue a certificate of that
fact and of approval thereof. No reduction of the surplus of any banking institution shall be valid
until such reduction has been approved by the commissioner of commerce. No reduction shall
affect the liability of any shareholder for any indebtedness incurred prior thereto.
For purposes of this section, directors have the authority granted under section
History: (7691) RL s 3003; 1957 c 601 s 6; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92;
1986 c 444; 1993 c 257 s 14; 2005 c 69 art 1 s 10