9-910. Dividends from capital stock prohibited; how current dividends paid.
9-910
9-910. Dividends from capital stock prohibited; how current dividends
paid.
No bank or trust company during the time it shall continue in business, shall
permit to be withdrawn in the form of dividends, any portion of its capital
stock. The current dividends of any bank or trust company shall be paid
from undivided profits after deducting losses, to be ascertained by generally
accepted accounting principles at the time of
making such dividend. Any bank
or trust company may reduce its capital stock as provided in this act.
History: L. 1947, ch. 102, § 23; L. 1989, ch. 48, § 22;
L. 1990, ch. 55, § 1; July 1.