...required under ' * * this act for capital, nor be valid or warrant the cancellation of stock certificates or diminish the personal liability of stockholders,...such reduction has been approved by the commissioner; nor shall any reduction be effected in any other way than by a pro rata reduction of all outstanding...

...stock certificates, or diminish the personal liability of stockholders, or members of an association, until such reduction has been approved by the Commissioner...not be impaired by the proposed reduction. SEC. 11. At least three-fourths of the directors of any industrial bank shall be residents of the State of Michigan,...

...etc. Oath. Meetings. Dividends. until such reduction has been approved by the Commissioner Approval. of the Banking Department. Such approval must be based...not be impaired by the proposed reduction. SEC. 11. At least three-fourths of the directors of any industrial bank shall be residents of the State of Michigan,...

...etc. Oath. Meetings. Dividends. uutil such reduction has beeu approved by the Commissioner Approval. of the Banking Department. Such approval must be based...not be impaired by the proposed reduction. SEC. 11. At least three-fourths of the directors of any industrial bank shall be residents of the State of Michigan,...

...section one for stock. capital, nor be valid or warrant the cancellation of stock aPProval' certificates; or diminish the personal liability of stockholders...the banking department. Such approval must be based Basis of upon a finding by him that the security of existing creditors 'l'""''' of the bank will not...