1997 Florida Code
TITLE XXX SOCIAL WELFARE
Chapter 424 Limited Dividend Housing Companies
424.17 Reduction of rentals with excess earnings.
424.17 Reduction of rentals with excess earnings.--If in any calendar or fiscal year the gross receipts of any company formed hereunder should exceed the payments or charges specified in s. 424.08, the sums necessary to pay dividends, interest accrued or unpaid on any stock or income debentures, and the authorized transfer to surplus, the balance shall be applied to the reduction of rentals, unless the board of directors with the approval of the Department of Community Affairs deems such balance too small for the purposes.
History.--s. 16, ch. 16028, 1933; CGL 1936 Supp. 4151(148); ss. 18, 35, ch. 69-106; s. 67, ch. 81-167; s. 70, ch. 83-55.
Disclaimer: These codes may not be the most recent version. Florida may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
