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17-2333

Chapter 17.--CORPORATIONS Article 23.--DEVELOPMENT CREDIT CORPORATIONS; HOUSING LAWS

17-2333. Same; surplus. Such corporation shall set apart a surplus not less than ten percent (10%) of its net earnings in each and every year until such surplus, with any unimpaired surplus paid in, shall amount to one-half (1/2) of the capital stock. The said surplus shall be kept to secure against losses and contingencies, and whenever the same becomes impaired it shall be reimbursed in the manner provided for its accumulation.

History: L. 1955, ch. 144, § 6; June 30.

State Codes and Statutes

Statutes > Kansas > Chapter17 > Article23 > Statutes_7703

17-2333

Chapter 17.--CORPORATIONS Article 23.--DEVELOPMENT CREDIT CORPORATIONS; HOUSING LAWS

17-2333. Same; surplus. Such corporation shall set apart a surplus not less than ten percent (10%) of its net earnings in each and every year until such surplus, with any unimpaired surplus paid in, shall amount to one-half (1/2) of the capital stock. The said surplus shall be kept to secure against losses and contingencies, and whenever the same becomes impaired it shall be reimbursed in the manner provided for its accumulation.

History: L. 1955, ch. 144, § 6; June 30.

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State Codes and Statutes

Statutes > Kansas > Chapter17 > Article23 > Statutes_7703

17-2333

Chapter 17.--CORPORATIONS Article 23.--DEVELOPMENT CREDIT CORPORATIONS; HOUSING LAWS

17-2333. Same; surplus. Such corporation shall set apart a surplus not less than ten percent (10%) of its net earnings in each and every year until such surplus, with any unimpaired surplus paid in, shall amount to one-half (1/2) of the capital stock. The said surplus shall be kept to secure against losses and contingencies, and whenever the same becomes impaired it shall be reimbursed in the manner provided for its accumulation.

History: L. 1955, ch. 144, § 6; June 30.