9-911.   Declarations of dividends.The directors of any bank or trust company may declare dividends from theundivided profits, but before the declaration of any dividend each bank ortrust company shall transfer 25% of its net profits since the lastpreceding dividend to its surplus fund, until the surplus fund shall equalthe total capital stock.

      History:   L. 1947, ch. 102, § 24; L. 1989, ch. 48, § 23; July 1.