Each year the corporation shall set apart as earned surplus not less than 10 percent of its net earnings for the preceding fiscal year until the surplus equals one half of the amount paid in on the capital stock then outstanding. Whenever the amount of the surplus is less than the required amount, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors, after providing for reserves the directors consider desirable, and the determination of the directors made in good faith shall be conclusive on all persons.
Section: Previous 10.10.060 10.10.070 10.10.080 10.10.090 10.10.100 10.10.110 10.10.120 10.10.130 10.10.140 10.10.150 10.10.160 10.10.170 10.10.180 10.10.185 10.10.190 NextLast modified: November 15, 2016