CHAPTER 458

FORMERLY

HOUSE BILL NO. 1076

AN ACT TO AMEND CHAPTER 7, TITLE 5, DELAWARE CODE, RELATING TO PAYMENT OF DIVIDENDS BY BANKS AND TRUST COMPANIES.

Be it enacted by the General Assembly of the State of Delaware (two-thirds of all the members elected to each House thereof concurring therein):

Section 1. Amend Title 5, Delaware Code, by strik-

ing §748 in its entirety and inserting in lieu thereof a new §748 to read as follows:

§748. Dividends.

The directors of a bank or trust company may declare dividends on common or preferred stock of so much of the net profits of the corporation as they shall judge expedient; but the corporation shall, before the declaration of a dividend on common stock from the net profits, carry 50% of its net profits of the preceding period for which the dividend is paid to its surplus fund until the same shall amount to 50% of its capital stock; and thereafter shall carry 25% of its net profits of the preceding period for which the di - vident is paid to its surplus fund until the same shall amount to 100% of its capital stock."

Approved June 11, 1976