Authority to Declare Dividends

The board of directors of a territorial bank may declare dividends not more than once in each calendar quarter from undivided profits if: (a) The undivided profits account has been maintained in accordance with the provisions of this Title. (b) The reserve against deposits required by this Title is not and will not thereby be impaired. SOURCE: GC § 30516. 2013 NOTE: Pursuant the authority granted by 1 GCA § 1606, numbers and/or letters were altered to adhere to the Compiler’s alpha-numeric scheme.