Connecticut Statutes
§ 33-193 — Distribution of profits; sinking fund.
There shall be a distribution of the profits or surplus of an association among the member shareholders as is prescribed by the association's bylaws. The board of directors of an association may declare a sum of not more than forty per cent of the net profits or surplus to be appropriated for a contingent or sinking fund, an unallocated reserve fund or a collective account as may be prescribed in the association's bylaws.
Free access — add to your briefcase to read the full text and ask questions with AI
Connecticut § 33-193 (Distribution of profits; sinking fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(1949 Rev., S. 5302; P.A. 19-65, S. 8.) History: P.A. 19-65 replaced “earnings” with “surplus”, replaced former provision re distribution of profits or earnings with provision re the authority of board of directors of an association to appropriate portion of the net profits or surplus and made technical changes.
Nearby Sections
15
§ 33-1001
Construction of statutes.§ 33-1002
Definitions.§ 33-1003
Notice.§ 33-1003a
Qualified director.§ 33-1004
Filing requirements.§ 33-1005
Forms. Mailing address.§ 33-1006
Effective time and date of document.§ 33-1007
Correcting filed document.§ 33-1012
Penalty for signing false document.