§ 1103. Surplus
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 1103
§ 1103. Surplus
(i) shall at all times maintain surplus in an amount which is equal to at least the amount of its capital, except as provided in section 1010(b)1 as to the initial surplus of a new institution, and
(b) If the surplus of an institution is at any time less than the amount of its capital, the institution shall, until surplus is equal to such amount, transfer to surplus an amount which is at least ten percent of the net earnings of the institution for the period since the end of the last fiscal year or for any shorter period since the last declaration of a dividend:
Credits
1965, Nov. 30, P.L. 847, No. 356, § 1103. Amended 1973, Sept. 27, P.L. 256, No. 72, § 9, imd. effective.
Footnotes
7 P.S. § 1010.
7 P.S. § 1103, PA ST 7 P.S. § 1103
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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