§ 13-4-203 — Impairment of capital; generally

Wyoming § 13-4-203

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 4: REORGANIZATION OF BANKS
• Art. 2: INSOLVENCY

Text

(a) If the state banking commissioner has reason to
believe that the capital of any bank is impaired he shall
examine the bank and ascertain the facts. If he finds an
impairment of capital, he shall provide written notice to each
director of the bank and require the bank to restore the
deficiency within sixty (60) days after the date of the notice.
Written notice under this section may be provided by electronic
transmission, consistent with W.S. 17-16-141(c).
(b) After the directors of a bank have received written
notice to restore a deficiency under subsection (a) of this
section, the directors shall, within fifteen (15) days from the
date of the notice, levy an assessment upon the common stock of
the bank to repair the deficiency. Written notice of the
deficiency and the amount of the assessment shall be provided to
each shareholder, and may be provided by electronic
transmission, consistent with W.S. 17-16-141(c). If any
shareholder fails to pay the assessment within thirty (30) days
of receiving notice, the directors of the bank may sell the
stock of the shareholder to the highest bidder at public
auction. Notice of the sale shall be published for ten (10) days
in a newspaper of general circulation published in the county
where the bank is located and a copy of the notice of sale shall
be served on the owner of the stock personally or by mail at his
last known address ten (10) days before the day of sale. The
stock may be sold at private sale without public notice. Before
a private sale an offer in writing shall first be obtained and a
copy of the offer served upon the owner of record of the stock
either personally or by mailing a copy of the offer to his last
known address. If, after service of the offer, the owner still
fails to pay the assessment within two (2) weeks from the time
of the service of the offer, the directors may accept the
private offer or a larger offer. The stock shall not be sold for
less than the amount of the assessment and cost of sale. Out of
the proceeds of the sale the directors shall pay the assessment
and the cost of sale and the balance shall be paid to the person
whose stock has been sold. A sale of stock cancels the
outstanding certificate evidencing the stock sold. A new
certificate shall be issued by the bank to the purchaser.
(c) Repealed by Laws 1991, ch. 135, § 2; ch. 146, § 2.
(d) Repealed by Laws 1991, ch. 135, § 2; ch. 146, § 2.
(e) Repealed by Laws 1991, ch. 135, § 2; ch. 146, § 2.