A loss sustained by a bank in excess of its undivided profits and any capital contingency reserves shall be charged to its surplus account or, with the approval of the department, carried as negative undivided profits. The bank's undivided profits and surplus account shall thereafter be reimbursed from earnings, and no dividends may be declared or paid by the bank until any negative undivided profits are eliminated and the surplus account is restored to at least the amount from which the surplus was originally reduced.
Section: Previous 06.05.430 06.05.435 06.05.437 06.05.438 06.05.440 06.05.441 06.05.442 06.05.443 06.05.445 06.05.450 06.05.455 06.05.460 06.05.462 06.05.463 NextLast modified: November 15, 2016