13-2-311. Capital notes or debentures; provisions to be stated.
(a) The following provisions shall be stated in the capital notes or debentures:
(i) That the notes or debentures are an unsecured indebtedness of the bank and subordinate to the claims of creditors and depositors;
(ii) In the event of liquidation of the bank all depositors and creditors are entitled to be paid in full with interest provided by law prior to payment on the notes or debentures;
(iii) No payment will be made on the principal of the notes or debentures unless following the payment the aggregate of the capital, surplus and undivided profits of the bank is at least equal to the amount of the capital, surplus and undivided profits at the date of issue unless otherwise authorized by the state banking commissioner.
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