Any banking institution, with the consent of the commissioner and upon the written
consent of all of its stockholders, or by vote of its stockholders owning a majority
of the stock of such institution, may issue preferred stock of one or more classes
in such amount, upon such conditions and limitations and with such par value as shall
be approved by the commissioner. When it is necessary to call a meeting of the stockholders to approve the issuance
of preferred stock, the board of directors of the institution shall cause notice of
the meeting to be served on each stockholder by registered or certified mail addressed
to the stockholder's last-known post-office address at least sixty days prior to the
meeting. After an institution has been authorized to issue preferred stock, its board of
directors may make necessary amendments to the articles of incorporation of the institution. Notice to and approval by the stockholders of an institution which has not issued
common stock is not required before preferred stock may be issued.
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