§ 626. — Dividends; surplus fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC626]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 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.
(Dec. 23, 1913, ch. 6, Sec. 25A (par.), formerly Sec. 25(a), as added
Dec. 24, 1919, ch. 18, 41 Stat. 378; renumbered Sec. 25A, Pub. L. 102-
242, title I, Sec. 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 25A of act Dec. 23, 1913, which is classified
to this subchapter (Sec. 611 et seq.).
Codification
Section is comprised of a part of section 25A, formerly section
25(a), which was added to act Dec. 23, 1913, ch. 6, by act Dec. 24,
1919.
