Iowa § 496B.14 Earned surplus set aside

Iowa Statutes

§ 496B.14 — Earned surplus set aside

Iowa § 496B.14

Title XIIBUSINESS ENTITIES

Ch. 496BECONOMIC DEVELOPMENT CORPORATIONS

This text of Iowa § 496B.14 (Earned surplus set aside) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 496B.14 (2026).

Text

Each year each development corporation shall set apart as earned surplus not less than
ten percent of its net earnings for the preceding fiscal year until such surplus shall be equal
in value to one-half of the amount paid in on the capital stock then outstanding. Whenever
the amount of surplus established herein shall become impaired, it shall be built up again to
the required amount in the manner provided for its original accumulation. Net earnings and
surplus shall be determined by the board of directors, after providing for such reserves as
said directors deem desirable, and the directors’ determination made in good faith shall be
conclusive on all persons.

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Each year each development corporation shall set apart as earned surplus not less than
ten percent of its net earnings for the preceding fiscal year until such surplus shall be equal
in value to one-half of the amount paid in on the capital stock then outstanding. Whenever
the amount of surplus established herein shall become impaired, it shall be built up again to
the required amount in the manner provided for its original accumulation. Net earnings and
surplus shall be determined by the board of directors, after providing for such reserves as
said directors deem desirable, and the directors’ determination made in good faith shall be
conclusive on all persons.