12-U.S.C.-626
§626 – Dividends; Surplus Fund
Pathway
Title 12 > Chapter 6 > Subchapter II > Section 626
Details
- Reference: Section 626
- Legend: §626 – Dividends; Surplus Fund
- USCode Year: 2013
Provision Content
The directors of any corporation organized under the provisions of this subchapter may, semiannually, declare a dividend of so much of the net profits of the corporation as they shall judge expedient; but each corporation shall, before the declaration of a dividend, carry one-tenth of its net profits of the preceding half year to its surplus fund until the same shall amount to 20 per centum of its capital stock.
(Dec. 23, 1913, ch. 6, §25A (par.), formerly §25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; renumbered §25A, Pub. L. 102–242, title I, §142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)
References in Text
This subchapter, referred to in text, was in the original this section, meaning section 25A of act Dec. 23, 1913, which is classified to this subchapter (§611 et seq.).
Codification
Section is comprised of par. 18 (undesignated) of section 25A of act Dec. 23, 1913, which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under section 611 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-602 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-602, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-622 in the Legal Encyclopedia: Foreign Banking
In this entry about 12-U.S.C.-622, find legal reference material, bibliographies and premiere content related to foreign banking in the American Encyclopedia of Law, presenting a comprehensive view of the United States foreign banking-specific issues, written by authorities in the field.
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