2017 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
| 12 U.S.C. § 626 (2017) |
| §626. Dividends; surplus fund |
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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. |
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(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.) |
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REFERENCES IN TEXT
This 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 par. 18 (undesignated) of section 25A of act Dec. 23, 1913, which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under section 611 of this title. |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 6 - FOREIGN BANKING SUBCHAPTER II - ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING Sec. 626 - Dividends; surplus fund |
| section 626 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 41 Stat. 378 105 Stat. 2281 |
| Public Law 102-242 |
