Okla. Admin. Code § 365:40-3-22

Current through Vol. 42, No. 3, October 15, 2024

Section 365:40-3-22 - Dividend to stockholders

(a) A domestic HMO shall not pay any ordinary cash dividend to stockholders except out of that part of its available surplus funds which is derived from realized net profits on its business (positive unassigned funds). The restriction shall also apply to extraordinary dividends as defined in O.A.C. 365:40-3-13.

(b) A dividend otherwise proper may be payable out of the HMO's earned surplus even though its total surplus is then less than the aggregate of its past contributed surplus resulting from issuance of its capital stock at a price in excess of the par value thereof.

Added at 21 Ok Reg 77, eff 11-1-03 (emergency); Added at 21 Ok Reg 1672, eff 7-14-04