Section 286.3-350 - When dividends may be declared(1) The board of directors of any bank or trust company organized under the laws of this state may declare a dividend of so much of the net profits as they deem expedient. The net profits shall be computed by deducting all expenses, losses, and interest and taxes accrued or due from the bank.(2) The approval of the commissioner shall be required if the total of all dividends declared by such institution in any calendar year shall exceed the total of its net profits of that year combined with its retained net profits of the preceding two (2) years, less any required transfers to surplus or a fund for the retirement of preferred stock or debt.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 636, effective7/15/2010. -- Amended 2006, Ky. Acts ch. 183, sec. 10, effective 7/12/2006. -- Amended 1998, Ky. Acts ch. 196, sec. 13, effective 7/15/1998. -- Amended 1982 Ky. Acts ch. 251, sec. 11, effective 4/1/1982. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective 10/1/1942, from Ky. Stat. sec. 596.