Statutes, codes, and regulations
North Dakota Century Code
Title 6 - BANKS AND BANKING
Chapter 6-03 - POWERS, MANAGEMENT, AND OPERATION OF BANKS
Section 6-03-34 - Surplus fund required - Dividends only out of earnings not required for surplus

N.D. Cent. Code § 6-03-34

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Current through the 2023 Legislative Sessions
Section 6-03-34 - Surplus fund required - Dividends only out of earnings not required for surplus

The board of directors of any association organized under this title may declare and pay dividends out of the net profits of the association subject to the limitations of this chapter. Every such association, as its board of directors deems advisable, shall ascertain, set apart, and convert into a surplus fund at least fifty percent of its net earnings until such surplus fund equals one hundred percent of its common stock, and no dividend may be declared upon its stock except from the remaining fifty percent of its net earnings.

N.D.C.C. § 6-03-34