Section 286.3-350 - When dividends may be declared(1)(a) Except as provided in subsection (2) of this section, the board of directors of any state bank or trust company may declare a dividend of so much of the net profits as they deem appropriate.(b) The net profits referenced in paragraph (a) of this subsection shall be computed by deducting all expenses, losses, and interest and taxes accrued or due from the bank.(2) The prior approval of the commissioner shall be required if the total of all dividends that a state bank or trust company intends to declare in any calendar year would exceed the total of its net profits of that year combined with its retained net profits of the preceding two (2) years, less any required transfers to surplus or a fund for the retirement of preferred stock or debt.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 636, effective7/15/2010. -- Amended 2006, Ky. Acts ch. 183, sec. 10, effective 7/12/2006. -- Amended 1998, Ky. Acts ch. 196, sec. 13, effective 7/15/1998. -- Amended 1982 Ky. Acts ch. 251, sec. 11, effective 4/1/1982. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective 10/1/1942, from Ky. Stat. sec. 596.