The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if:
(1) the undivided profits account has been maintained in accordance with the Banking Act; and
(2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
History: 1953 Comp., § 48-22-56, enacted by Laws 1963, ch. 305, § 56.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 69.
Validity of cancellation of accrued dividends on preferred bank stock, 8 A.L.R.2d 893.
9 C.J.S. Banks and Banking § 60.
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