State Codes and Statutes
Statutes > Missouri > T24 > C362 > 362_315Net income or loss for dividend period to be determined--income tobe credited to surplus fund--undivided profits available fordividends.
362.315. 1. To determine the amount of net income or loss for thedividend period, every bank or trust company shall account for all items ofincome and expense in accordance with regulatory instructions forcompleting reports of condition and income. When the net income or loss ofa bank or trust company has been determined at the close of a dividendperiod, if its surplus fund does not equal forty percent of the capital ofthe bank or trust company, one-tenth of such net income shall be creditedto the surplus fund or so much thereof, less than one-tenth, as will makethe fund equal forty percent of the capital; provided, that until thecapital and surplus fund of any bank or trust company now existing, thecapital of which is not equal to the requirements of section 362.050,equals forty percent more than the minimum of capital for a bank or trustcompany in its location, one-tenth of its net income at the close of eachdividend period shall be credited to the surplus fund.
2. The credit balance of the undivided profits account at the closeof the dividend period may be available for dividends. The directors ofany bank or trust company may from time to time declare such dividends asthey shall judge expedient from the undivided profits.
3. No bank or trust company shall declare, credit or pay any dividendto its stockholders until it shall have made good any existing impairmentof its capital, and all officers or directors of the bank or trust companywho shall assent to declaring and paying a dividend while the capital stockis so impaired shall be jointly and severally liable to the creditors ofthe bank or trust company to the amount of the dividend for any lossresulting from the payment of the dividend.
(RSMo 1939 § 7971, A.L. 1967 p. 445, A.L. 2005 H.B. 707)Prior revisions: 1929 § 5376; 1919 § 11759
