§ 53-155. Rights and liabilities of preferred stockholders. - North Carolina Statutes

§53‑155.  Rights and liabilities of preferred stockholders.

The holders of such preferredstock shall be entitled to cumulative dividends payable at an annual rateapproved by the Commissioner of Banks, but shall not be held individuallyresponsible as such holders for any debts, contracts or engagements of suchbank, and shall not be liable for assessments to restore impairments in thecapital of such banks as now provided by law with reference to holders ofcommon stock in banks. Notwithstanding any other provisions of law, the holdersof such preferred stock shall have such voting rights and such stock shall besubject to retirement in such manner and on such terms and conditions as may beprovided in the articles of incorporation or any amendment thereto, with theapproval of the Commissioner of Banks.

No dividends shall be declaredor paid on common stock until the cumulative dividends on the preferred stockshall have been paid in full; and if the bank is placed in liquidation, nopayments shall be made to the holders of the common stock until the holders ofthe preferred stock shall have been paid in full the par value of such stockand all accumulated dividends. (1933, c. 155, s. 8; 1979, c.483, s. 17.)