12 U.S.C. § 626 — Dividends; surplus fund
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 70 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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.
Source credit: (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.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 41 Stat. 378
- 1991Amended · Pub. L. 102-242 · 105 Stat. 2281
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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