638
Art&o10 SO9 (the geremt st8tate) manfhtorll~
reqalres the 80oumlstlon of a surplus to ths ppO(Otef
riitp pc 04ut or the bank's orpita #teak,
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.
In the next plaoe, shils Artiels 1, Chaptsr VI,
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
as 8urplu8, a part of shieh may from time to time be oerti-
fled, r&i rhall be known 88 sCertiflod surplt18~. Unliks
the parent statute, this statute r sq u ir o s l oontiaums
buihUngup of 8urplu8Nifsre the paymmtot
the dltiends
until thheSUXXI knorrm88 the 04bt'tifiti
rrPp1U8 sqrmls the
saplkl ef the bank. It ftlrthermors8)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 parentambigultp in the ~statute ulses fro8
the language,.P such gertified 8WD lam w not be
- r42qp!il
XUUUltL*C--?f frpd9it!d&W~.
%8 ambi&ty is Only 8pparWt. ODO OUI mot OOMtntO the
last-quoted 18.ng~4e as autborlaing the beak upon the writ-
ten ooasent of the Co5uil8siorrer, to ruluoe an misting asr-
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 8tatllteei OSI'tifiSd 8Ul’p1R8 it8elf,
and thus make the olause repugaant to the paramount re-
quircPPentof 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
a u a h l o o nstr u o tiu n 1 8 a c e8som8lsudldr one,
and does not lead to 813abma~d ooadmqumoe nor that-t In asty
SIMSWO the alear legislrtite-8S to require an adequate
lllrpllM.
%'~stil&thatThatTShWS saidtill 8StiSfSStor-
ily ens~ar your inquiry, we are