Tennessee Statutes
§ 45-3-407 — Dividends on capital stock
Tennessee·Title 45
In the case of a capital stock association, the balance of net income of the association, if any, after providing for all expenses of operation, allocation to loss reserves, and payment of interest, may be credited to a retained earnings or surplus account, from which the board of directors may, at its discretion, and at such times as it may determine, declare, and pay dividends in cash or additional stock to the holders of record of the stock outstanding at the date the dividends are declared.
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Tennessee § 45-3-407 (Dividends on capital stock) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1978, ch. 708, § 2.36; T.C.A., § 45-1436.
Nearby Sections
15
§ 45-1-101
Short title§ 45-1-103
General definitions§ 45-1-104
Department to execute laws§ 45-1-106
Salary of commissioner§ 45-1-107
Powers and duties of commissioner§ 45-1-109
Oaths of office§ 45-1-111
Limitation of personal liability§ 45-1-112
Official seal§ 45-1-113
Office facilities§ 45-1-116
Examiners - Employment and duties