§ 51A-6A-20 — Payment of subscriptions--Reduction of common stock.

All subscriptions to the stock or ownership units shall be paid in cash. If a trust company in corporate form reduces its common stock and issues preferred stock in lieu of the reduction, it may reduce the par value of the common stock in the proportion that the total amount of capital stock is reduced, but when the preferred stock is retired the par value of the common shares shall be restored.

Legislative History

SL 1995, ch 268, § 18; SL 2012, ch 252, § 17.