1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 6 - FOREIGN BANKING
SUBCHAPTER II - ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 626 - Dividends; surplus fund
View MetadataPublication Title | United States Code, 1994 Edition, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 6 - FOREIGN BANKING SUBCHAPTER II - ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING Sec. 626 - Dividends; surplus fund |
Contains | section 626 |
Date | 1994 |
Laws in Effect as of Date | January 4, 1995 |
Positive Law | No |
Disposition | standard |
Source Credit | Dec. 23, 1913, ch. 6, §25A (par.), formerly §25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378, and renumbered §25A, Dec. 19, 1991, Pub. L. 102-242, title I, §142(e)(2), 105 Stat. 2281. |
Statutes at Large References | 41 Stat. 378 105 Stat. 2281 |
Public Law Reference | Public Law 102-242 |
§626. Dividends; surplus fund
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, and renumbered §25A, Dec. 19, 1991, Pub. L. 102–242, title I, §142(e)(2), 105 Stat. 2281.)
References in TextThis subchapter, referred to in text, was in the original “this section”, meaning section 25A of act Dec. 23, 1913, which is classified to this subchapter (§611 et seq.).
CodificationSection is comprised of a part of section 25A, formerly section 25(a), which was added to act Dec. 23, 1913, ch. 6, by act Dec. 24, 1919.
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