§ 13-2-309 — Issuance of capital notes or debentures; generally

Wyoming § 13-2-309

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 2: ORGANIZATION OF BANKS
• Art. 3: CAPITAL REQUIREMENTS,

Text

(a) A bank may issue, sell or pledge its capital notes or
debentures if the bank has first obtained the written or voting
approval of the shareholders holding a majority of the shares of
the bank and the written approval of the state banking
commissioner.
(b) The board of directors shall determine the terms of
its capital notes or debentures subject to the provisions of
W.S. 13-2-311 and subsection (c) of this section.
(c) The amount of outstanding capital notes or debentures
of any bank shall not exceed fifty percent (50%) of the amount
of the capital stock and surplus fund of the bank at the date of
issue. The periods of maturities with respect to any issue shall
not exceed twenty-five (25) years as prescribed by the state
banking commissioner. Capital notes and debentures shall be
subject to a schedule of prepayments or to an appropriate
sinking fund for the amortization of the indebtedness.