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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 445. Net Undivided Profits and Dividends.
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. Limitation On Dividends. [Repealed, Sec. 102 Ch 26 SLA 1993].
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. Shareholders List.
AS 06.05.445. Net Undivided Profits and Dividends.
- (a) A bank may not declare or pay a dividend in an amount greater than its net undivided profits then on hand.
- (b) In determining net profits for the purpose of declaring a dividend, a bank may not include in its calculations
- (1) loan loss reserves and losses in excess of reserves, including loans or other credits upon which interest for a period
of six months is due and unpaid, unless the loan or credit is well secured and in the process of collection;
- (2) interest accrued but not collected on loans or other credits upon which the interest due is more than 90 days
- (3) interest collected but not earned;
- (4) assets or depreciation that the department has required to be charged off;
- (5) the appreciation of any asset above its actual cost to the bank; and
- (6) any accrued expenses, interest or taxes due from the bank.
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