GroundRules
11 GCA § 106219: Authority to Declare Dividends.
Where this section sits in the code
- Title 11: Finance and Taxation
- Division 4 - Banks and Banking
- Chapter 106: Banks
- ARTICLE 2: ORGANIZATION AND CORPORATE FUNCTIONS OF BANKS
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.
Collected 2026-09-27T03:18:18Z. Source file · JSON