§ 34-9-100

With the approval of the Commissioner of Banking any banking institution may at any time, through action of its board of directors and without requiring any action of its stockholders, issue and sell its capital notes or debentures. Such capital notes or debentures shall be subordinate and subject to the claims of depositors and may be subordinated and subjected to the claims of other creditors. HISTORY: 1962 Code Section 8-151; 1952 Code Section 8-151; 1942 Code Section 7836; 1935 (39) 464.