Browse Arkansas Code titles and sections
23-36-115. Dividends.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-36-115. Dividends.
An industrial loan institution operating under this chapter may, under proper authority from the board of directors of the industrial loan institution, declare a dividend of so much of the net profits of the industrial loan institution, after providing for all expenses, losses, reserves, interest, and taxes accrued or due by the industrial loan institution, as they shall judge expedient. However, before any dividend is declared, not less than one-tenth (1/10) of the net profits of the industrial loan institution for the preceding one-half (½) year or for the period covered by the dividend shall be carried to a surplus fund, until the surplus fund shall amount to fifty percent (50%) of the par value of the common stock of the industrial loan institution.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-36-115
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-36-115
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 94c7659340d37ce5b976f16ee1cfed76c2b1920a82384a23b906676587cb227b
Source location: content.xml paragraph 17050
Stored source content
23-36-115. Dividends.
An industrial loan institution operating under this chapter may, under proper authority from the board of directors of the industrial loan institution, declare a dividend of so much of the net profits of the industrial loan institution, after providing for all expenses, losses, reserves, interest, and taxes accrued or due by the industrial loan institution, as they shall judge expedient. However, before any dividend is declared, not less than one-tenth (1/10) of the net profits of the industrial loan institution for the preceding one-half (½) year or for the period covered by the dividend shall be carried to a surplus fund, until the surplus fund shall amount to fifty percent (50%) of the par value of the common stock of the industrial loan institution.
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