§ 626. Dividends; surplus fund

182 words·~1 min read·/usc/title-12/section-626

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The directors of any corporation organized under the provisions of this subchapter may, semiannually, declare a dividend of so much of the net profits of the corporation as they shall judge expedient; but each corporation shall, before the declaration of a dividend, carry one-tenth of its net profits of the preceding half year to its surplus fund until the same shall amount to 20 per centum of its capital stock.

(Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)

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statute-compilations

Sec. 25A
banking corporations authorized to do foreign banking business

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U.S. Code

Formation authorized; fiscal agents; depositaries in insular possessions
§ 611

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Dec. 23, 1913, ch. 6, § 25A
Dec. 24, 1919, ch. 18
41 Stat. 378
Pub. L. 102–242, title I, § 142(e)(2)
105 Stat. 2281

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cites case law

§ 626

Dividends; surplus fund

Stat. Comp.×1

U.S.C.§ 611

ActDec. 23, 1913, ch. 6, § 25A

ActDec. 24, 1919, ch. 18

Stat.41 Stat. 378

Pub. L.Pub. L. 102–242, title I, § 142(e)(2)

Stat.105 Stat. 2281

Cites 6Cited by 1 across 1 source