Find Bill
Find Your Legislator
Legislative Deadlines
July 7, 2020
RSS Feed Permanent URL -A +A

2016 Statute



Prev Article 9. - BANKING CODE; CAPITAL STOCK AND STRUCTURENext


9-912. Surplus account; stock dividends from reduction. (a) Any losses sustained by a bank or trust company in excess of its undivided profits may be charged to its surplus fund.

(b) Any bank or trust company, after receiving approval from the commissioner, may declare a stock dividend from its surplus fund, but no dividend shall reduce the surplus fund to an amount less than 30% of the resulting total capital.

(c) Any bank or trust company may reduce its surplus account with permission of the commissioner.

History: L. 1947, ch. 102, § 25; L. 1975, ch. 44, § 11; L. 1989, ch. 48, § 24; L. 2001, ch. 87, § 4; L. 2015, ch. 38, § 43; July 1.



Prev Article 9. - BANKING CODE; CAPITAL STOCK AND STRUCTURENext
2020. Powered by KLISS. Rendered: 2020-07-07T01:18:20. Head Rev No: 634174