§ 1239.33. Dividends.
46 words·~1 min read·
/us/cfr/t12/s§ 1239.33·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A Bank's board of directors may not declare or pay a dividend based on projected or anticipated earnings and may not declare or pay a dividend if the par value of the Bank's stock is impaired or is projected to become impaired after paying such dividend.