§ 4-908. Declaration of cash dividend

Latest version.

   After providing for due or accrued expenses, losses, interest, and taxes, the board of directors of a subsidiary savings bank may declare a cash dividend only from the following:

   (1) Its undivided profits; or

   (2) With the approval of the Commissioner, its surplus in excess of 100 percent of its required capital stock.

HISTORY: 1986, ch. 355; 1996, ch. 326, § 2.

                    
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