Rule 80-13-1-.13 - Dividends(1) The Board of Directors of any trust company may declare and the trust company may pay dividends on its outstanding capital stock without any requirement to notify the Department or request the approval of the Department if the aggregate amount of dividends declared or anticipated to be declared in the calendar year does not: (a) exceed fifty (50) percent of the net income, in accordance with Generally Accepted Accounting Principles, that is attributable solely to a trust company that is a Subchapter C-Corporation for the previous calendar year; or(b) exceed seventy-five (75) percent of the net income, in accordance with Generally Accepted Accounting Principles, that is attributable solely to a trust company that is a Subchapter S-Corporation for the previous calendar year.(2) Any proposed dividend to be declared by the Board of Directors of a trust company in excess of the amount authorized by section (1) of this Rules must be approved, in writing, by the Department prior to the payment thereof pursuant to the provisions of Section 7-1-460(a)(3) of the Official Code of Georgia. Requests for approval of dividends shall be on forms prescribed by the Department.Ga. Comp. R. & Regs. R. 80-13-1-.13
O.C.G.A. § 7-1-61.
Original Rule entitled "Dividends" adopted. F. July 9, 2019; eff. July 29, 2019.Amended: F. Jan. 8, 2021; eff. Jan. 28, 2021.