(a) Before a bank dividend is declared or the net profits for the period covered by the dividend disposed of, and after the restoration of any undivided profits or surplus under Alaska Stat. § 06.05.442, not less than one-fifth of these net profits shall be carried to the bank surplus account until the surplus account equals 100 percent of the paid-in capital of the bank.

Terms Used In Alaska Statutes 06.05.441

  • bank: means a person doing a banking business, including persons subject to the law of this or another jurisdiction. See Alaska Statutes 06.05.990
  • capital: means the amount of outstanding common stock plus outstanding and perpetual preferred stock. See Alaska Statutes 06.05.990
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.05.990
  • surplus: includes amounts paid in for stock in excess of the par value of the stock, which are generally called capital surplus or paid-in surplus, plus any amounts transferred to the account from undivided profits, which are generally called earned surplus. See Alaska Statutes 06.05.990
  • undivided profits: means the accumulated, undistributed net profit of a bank, including any residue after
    (A) provision for payment of taxes and expenses of operations. See Alaska Statutes 06.05.990
(b) The department may require a bank to suspend the payment of any dividends until all orders or requirements of this section and Alaska Stat. § 06.05.442 have been complied with.
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