N.D. Cent. Code § 6-03-34
This is the official text of N.D. Cent. Code § 6-03-34, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-03-34. Surplus fund required - Dividends only out of earnings not required for surplus
Official statutory text
6-03-34. Surplus fund required - Dividends only out of earnings not required for
surplus.
The board of directors of any association organized under this title may declare and pay
dividends out of the net profits of the association subject to the limitations of this chapter. Except
for cooperative financial institutions, every such association, as its board of directors deems
advisable, shall ascertain, set apart, and convert into a surplus fund at least fifty percent of its
net earnings until such surplus fund equals one hundred percent of its common stock, and no
dividend may be declared upon its stock except from the remaining fifty percent of its net
earnings.
surplus.
The board of directors of any association organized under this title may declare and pay
dividends out of the net profits of the association subject to the limitations of this chapter. Except
for cooperative financial institutions, every such association, as its board of directors deems
advisable, shall ascertain, set apart, and convert into a surplus fund at least fifty percent of its
net earnings until such surplus fund equals one hundred percent of its common stock, and no
dividend may be declared upon its stock except from the remaining fifty percent of its net
earnings.
Status: in_force · Read it on the official government site
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