Section 33-193 - Distribution of profits; sinking fund.

CT Gen Stat § 33-193 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

There shall be such distribution of the profits or earnings of such association among the shareholders as is prescribed by the bylaws; provided no distribution shall be declared or paid until a sum equal to ten per cent of the net profits is appropriated for a contingent or sinking fund and until there has been thereby accumulated a sum equal to twenty per cent of the capital stock.

(1949 Rev., S. 5302.)