Section 390:8 Surplus Funds. - New-hampshire Statutes

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Statutes > New-hampshire > TITLEXXXV > CHAPTER390 > 390-8

Every such corporation shall set aside annually a sum equal to not less than 10 percent of its net earnings as a surplus fund until such fund amounts to 100 percent of its capital stock, which fund shall be invested in the same manner as deposits in savings banks may be invested, subject to the limitations, however, contained in RSA 387:3. No part of this fund shall be used in the payment of dividends on the stock of the corporation.

Source. 1911, 120:5. 1925, 120:1. PL 264:8. RL 312:8. RSA 390:8. 1969, 400:1, eff. Aug. 31, 1969.

State Codes and Statutes

Statutes > New-hampshire > TITLEXXXV > CHAPTER390 > 390-8

Every such corporation shall set aside annually a sum equal to not less than 10 percent of its net earnings as a surplus fund until such fund amounts to 100 percent of its capital stock, which fund shall be invested in the same manner as deposits in savings banks may be invested, subject to the limitations, however, contained in RSA 387:3. No part of this fund shall be used in the payment of dividends on the stock of the corporation.

Source. 1911, 120:5. 1925, 120:1. PL 264:8. RL 312:8. RSA 390:8. 1969, 400:1, eff. Aug. 31, 1969.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-hampshire > TITLEXXXV > CHAPTER390 > 390-8

Every such corporation shall set aside annually a sum equal to not less than 10 percent of its net earnings as a surplus fund until such fund amounts to 100 percent of its capital stock, which fund shall be invested in the same manner as deposits in savings banks may be invested, subject to the limitations, however, contained in RSA 387:3. No part of this fund shall be used in the payment of dividends on the stock of the corporation.

Source. 1911, 120:5. 1925, 120:1. PL 264:8. RL 312:8. RSA 390:8. 1969, 400:1, eff. Aug. 31, 1969.