(a)      A reduction of the outstanding capital stock of a commercial bank:

            (1)      Is not valid unless approved by the Commissioner; and

            (2)      May not be made to an amount that is less than that required in § 3-209(b) of this title.

      (b)      The Commissioner shall base approval on a finding that the assets of the commercial bank remaining after the proposed reduction of its capital stock will be sufficient to pay all of the claims of existing creditors.