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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-3-15

A bank’s board may declare cash or stock dividends from net profits only after covering expenses, losses, interest, and taxes, and the bank must first move at least 10% of the relevant net profits into surplus until the…

Source excerpt

bankingcapital stockcorporate governancedividendssurplus requirements
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“A bank’s board may declare cash or stock dividends from net profits only after covering expenses, losses, interest, and taxes, and the bank must first move at least 10% of the relevant net profits into surplus until the surplus reaches 100% of capital stock.”

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Dividends allowed -- Surplus requirements.

A bank’s board may declare cash or stock dividends from net profits only after covering expenses, losses, interest, and taxes, and the bank must first move at least 10% of the relevant net profits into surplus until the surplus reaches 100% of capital stock.

Section 7-3-15

Subsection 7-3-15(1)

The board of directors of a bank may declare a cash or stock dividend out of the net profits of the bank after providing for all expenses, losses, interest, and taxes accrued or due from the bank, as it shall judge expedient.

Section 7-3-15(1)

Subsection 7-3-15(2)

Before any dividend is declared pursuant to Subsection (1) , not less than 10% of the net profits of the bank for the period covered by the dividend shall be carried to a surplus fund until the surplus shall amount to 100% of its capital

Section 7-3-15(2)

Subsection 7-3-15(3)

The bank must transfer to surplus fund amounts paid into the retirement fund when the stated condition is met.

Section 7-3-15(3)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 4 of 4 provisions

Provision 4
§ 7-3-15Dividends allowed -- Surplus requirements.Provision

Source excerpt

A bank’s board may declare cash or stock dividends from net profits only after covering expenses, losses, interest, and taxes, and the bank must first move at least 10% of the relevant net profits into surplus until the surplus reaches 100% of capital stock.

Dividends allowed -- Surplus requirements. The board of directors of a bank may declare a cash or stock dividend out of the net profits of the bank after providing for all expenses, losses, interest, and taxes accrued or due from the bank, as it shall judge expedient. Before any dividend is declared pursuant to Subsection (1) , not less than 10% of the net profits of the bank for the period covered by the dividend shall be carried to a surplus fund until the surplus shall amount to 100% of its capital stock. Under this section, any amounts paid into a fund for the retirement of any debenture capital or preferred stock of the bank from its net earnings for the period covered by the dividend shall be considered an addition to its surplus fund if, upon the retirement of the debenture capital or preferred stock, the amount paid into the retirement fund for the period may be properly carried to the surplus fund of the bank. In this case the bank shall be obligated to transfer to the surplus fund the amount paid into the retirement fund.
Section 7-3-15Verify source
§ 7-3-15(1)Subsection 7-3-15(1)Provision

Source excerpt

The board of directors of a bank may declare a cash or stock dividend out of the net profits of the bank after providing for all expenses, losses, interest, and taxes accrued or due from the bank, as it shall judge expedient.

The board of directors of a bank may declare a cash or stock dividend out of the net profits of the bank after providing for all expenses, losses, interest, and taxes accrued or due from the bank, as it shall judge expedient.
Section 7-3-15(1)Verify source
§ 7-3-15(2)Subsection 7-3-15(2)Provision

Source excerpt

Before any dividend is declared pursuant to Subsection (1) , not less than 10% of the net profits of the bank for the period covered by the dividend shall be carried to a surplus fund until the surplus shall amount to 100% of its capital

Before any dividend is declared pursuant to Subsection (1) , not less than 10% of the net profits of the bank for the period covered by the dividend shall be carried to a surplus fund until the surplus shall amount to 100% of its capital stock.
Section 7-3-15(2)Verify source
§ 7-3-15(3)Subsection 7-3-15(3)Provision

Source excerpt

The bank must transfer to surplus fund amounts paid into the retirement fund when the stated condition is met.

Under this section, any amounts paid into a fund for the retirement of any debenture capital or preferred stock of the bank from its net earnings for the period covered by the dividend shall be considered an addition to its surplus fund if, upon the retirement of the debenture capital or preferred stock, the amount paid into the retirement fund for the period may be properly carried to the surplus fund of the bank. In this case the bank shall be obligated to transfer to the surplus fund the amount paid into the retirement fund.
Section 7-3-15(3)Verify source

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