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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-8-11

Dividends. The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the…

Source excerpt

bankingcorporate distributionsdividendsnet profitsprofit distributionsurplus fundssurplus reserves
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Dividends. The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the industrial bank in”

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Dividends.

Dividends. The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the industrial bank in

Section 7-8-11

Subsection 7-8-11(1)

The board of directors of an industrial bank may declare a dividend from net profits after providing for expenses, losses, interest, and taxes due or accrued.

Section 7-8-11(1)

Subsection 7-8-11(2)

An industrial bank must transfer at least 10% of its net profits before dividends to a surplus fund for the dividend period until the surplus equals 100% of its capital stock.

Section 7-8-11(2)

Subsection 7-8-11(3)

Any amount paid from the industrial bank's net earnings into a fund for the retirement of any debenture capital or preferred stock for the period covered by the dividend is considered an addition to its surplus fund if, upon the retirement

Section 7-8-11(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
§ 7-8-11Dividends.Provision

Source excerpt

Dividends. The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the industrial bank in

Dividends. The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the industrial bank in accordance with this section. The industrial bank shall transfer to a surplus fund at least 10% of its net profits before dividends for the period covered by the dividend, until the surplus reaches 100% of its capital stock. Any amount paid from the industrial bank's net earnings into a fund for the retirement of any debenture capital or preferred stock for the period covered by the dividend is 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 industrial bank. In this case the industrial bank shall transfer to the surplus fund the amount paid into the retirement fund.
Section 7-8-11Verify source
§ 7-8-11(1)Subsection 7-8-11(1)Provision

Source excerpt

The board of directors of an industrial bank may declare a dividend from net profits after providing for expenses, losses, interest, and taxes due or accrued.

The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the industrial bank in accordance with this section.
Section 7-8-11(1)Verify source
§ 7-8-11(2)Subsection 7-8-11(2)Provision

Source excerpt

An industrial bank must transfer at least 10% of its net profits before dividends to a surplus fund for the dividend period until the surplus equals 100% of its capital stock.

The industrial bank shall transfer to a surplus fund at least 10% of its net profits before dividends for the period covered by the dividend, until the surplus reaches 100% of its capital stock.
Section 7-8-11(2)Verify source
§ 7-8-11(3)Subsection 7-8-11(3)Provision

Source excerpt

Any amount paid from the industrial bank's net earnings into a fund for the retirement of any debenture capital or preferred stock for the period covered by the dividend is considered an addition to its surplus fund if, upon the retirement

Any amount paid from the industrial bank's net earnings into a fund for the retirement of any debenture capital or preferred stock for the period covered by the dividend is 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 industrial bank. In this case the industrial bank shall transfer to the surplus fund the amount paid into the retirement fund.
Section 7-8-11(3)Verify source

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