Case Information
*1 638
Art&o10 SO9 (the geremt st8tate) manfhtorll~ reqalres the 80oumlstlon of a surplus to ths ppO(Ot ef pc 04ut or the bank's orpita #teak, riitp 1~ dsalarss that 'said sorplos &all not bs
ospt Sor the paymat of lowe which auy eaenr,'
It follows ewm thi8 the bank would in no sra& - tit-h or without the ooasent of ths BurLiaq Qoads&oac - bs uathorlSel to dlaidnisb aa arioting: surplus (Mxish doss not sxoeed fiStf psr 0-t of Ito~Oapital @took) for the purpose of LnCrsasing its oapltal *took. plaoe, shils Artiels 1, Chaptsr VI, In the next
OS the BankIng code (not ret ufeotire) makes some Impor- tant Ohangm in rSspSCt ts surplus, it dose not mthorlae theuse of oertifled surpltu bfthebank,s~enrith the oonsentot theB8nU~Comds~oner,?or tbepurps8s ef' lxuwead~ tge -pita1 8toek of the bank, where me ~~~+xoeed thq ~auiros~en~ ef the #state.
This Arfiols, like Ifs pfsdsOesssr, (Irtiole soo) audatOr1~ rSqUir88 ths OrslrflOn OC 8a 8SOount to be known of shieh may from time to time be oerti- as 8urplu8, a part fled, r&i rhall be known 88 sCertiflod surplt18~. Unliks this the parent statute, statute rsquir os l oontiaums the 8urplu8Nifsre the paymmtot dltiends buihUngup of until thhe SUXXI knorrm 88 the 04bt'tifiti rrPp1U8 sqrmls the saplkl ef the bank. It ftlrthermors 8)scui0al1~ lidfs th8 pUrpO8e of the aertifled surplur tS absorbing slO8ae8 in eM088 o?und.tvided gu-oflts axltuloartitie4surplrrs~, ~hloh itares are flmt to bd usal ior suoh purpose before resort ~to the oertifled surplus.
An CL parent ambigultp in the ~statute ulses fro8 the language,. P such gertified 8WD lam w not be - r42qp!il XUUUltL*C--?f frpd9it!d&W~. ambi&ty is Only 8pparWt. ODO OUI mot OOMtntO the %8 last-quoted 18.ng~4e as autborlaing the beak upon the writ- to ruluoe an misting asr- ten ooasent of the Co5uil8siorrer, titial surpla8 below the minima requiramt of the st8tute - that la, a sum equal to the aopltal. That would be to des- frq in Off-t the 8tatllte ei OSI'tifiSd 8Ul’p1R8 it8elf, and thus make the olause repugaant to the paramount re- quircPPent of the tegisloture~ Rsther, we thiajf, the dis- orebion here given to the dlreatsrs and the8an)riry; Cem- missioner pertains to that part of the osrtlflsd surplus
639 auah l o onstruotiun 18 a c e8som8lsudldr one, and does not lead to 813 abma~d ooadmqumoe nor that-t In asty to require an adequate SIMSWO the alear legislrtite -8S l llrpllM. saidtill 8StiSfSStor- %'~stil&thatThatTShWS
ily ens~ar your inquiry, we are