Section 06.05.442. Excess losses; restoration of surplus; payment of dividends.

Latest version.

A loss sustained by a bank in excess of its undivided profits and any capital contingency reserves shall be charged to its surplus account or, with the approval of the department, carried as negative undivided profits. The bank's undivided profits and surplus account shall thereafter be reimbursed from earnings, and no dividends may be declared or paid by the bank until any negative undivided profits are eliminated and the surplus account is restored to at least the amount from which the surplus was originally reduced.

Authorities

6.05.441

Notes

References

AS 6.05.441 .441">Sec. 06.05.441. Conditions precedent to dividend declaration and payment.

History

(Sec. 19 ch 230 SLA 1968; am Sec. 75 ch 26 SLA 1993)

                    
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