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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 441. Conditions Precedent to Dividend Declaration and Payment.
previous: Section 440
. Authority to Declare Dividends.
next: Section 442
. Excess Losses; Restoration of Surplus; Payment of Dividends.
AS 06.05.441. Conditions Precedent to Dividend Declaration and Payment.
- (a) Before a bank dividend is declared or the net profits for the period covered by the dividend disposed of, and after
the restoration of any undivided profits or surplus under AS 06.05.442
, not less than one-fifth of these net profits shall be carried to the bank surplus account until the surplus account
equals 100 percent of the paid-in capital of the bank.
- (b) The department may require a bank to suspend the payment of any dividends until all orders or requirements of this
section and AS 06.05.442 have been complied with.
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