Del. Code tit. 5 § 1915

Current through 2024 Legislative Session Act Chapter 510

Section 1915 - Undivided profits

Any building and loan association may, at the discretion of its board of directors set aside any surplus net income or other available earnings which remain after reserve and dividend requirements have been met and retain such funds in an undivided profits account, provided that the total undivided profits on hand at any one time shall not exceed 10 percent of the association's paid in capital plus earnings.

5 Del. C. § 1915

5 Del. C. 1953, § 1915; 50 Del. Laws, c. 218, § 4.;