12 U.S.C. § 626 : US Code - Section 626: Dividends; surplus fund

Search 12 U.S.C. § 626 : US Code - Section 626: Dividends; surplus fund

The directors of any corporation organized under the provisions
of this subchapter may, semiannually, declare a dividend of so much
of the net profits of the corporation as they shall judge
expedient; but each corporation shall, before the declaration of a
dividend, carry one-tenth of its net profits of the preceding half
year to its surplus fund until the same shall amount to 20 per
centum of its capital stock.