26-2130. DIVIDENDS. After allocations to required reserves, the board of directors may at the end of any dividend period duly established, declare a dividend from undivided earnings as the bylaws may provide.
Dividends shall be paid on all fully paid shares outstanding at the close of the dividend period, but shares which become fully paid during the dividend period may be entitled to a proportional part of the dividend as determined by the board of directors.
Dividend credit for a month may be accrued on shares as provided by the board of directors. No dividends shall be paid on shares which are withdrawn during the dividend period.
No dividend shall be declared or paid at a time when the corporation is insolvent, or its net assets are less than its stated capital, or when the payment thereof would render the corporation insolvent or reduce its net assets below its stated capital.
History:
[26-2130, added 1977, ch. 213, sec. 2, p. 600; am. 1979, ch. 123, sec. 1, p. 382.]
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