Authority to declare dividends

The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if: (1) the undivided profits account has been maintained in accordance with the Banking Act; and (2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired. History: 1953 Comp., § 48-22-56, enacted by Laws 1963, ch. 305, § 56.