Each year the corporation shall set apart as earned surplus not less than 10 percent of its net earnings for the preceding fiscal year until the surplus equals one half of the amount paid in on the capital stock then outstanding. Whenever the amount of the surplus is less than the required amount, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors, after providing for reserves the directors consider desirable, and the determination of the directors made in good faith shall be conclusive on all persons.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 10. Business and Industrial Development Corporation Act
Sec. 10.10.010. Incorporation.
Sec. 10.10.020. Assistance of commissioner.
Sec. 10.10.030. Articles of incorporation and certificate of incorporation.
Sec. 10.10.040. General powers.
Sec. 10.10.050. Authorization of members.
Sec. 10.10.060. Admission to membership.
Sec. 10.10.070. Loans by members.
Sec. 10.10.080. Duration of membership.
Sec. 10.10.090. Powers of stockholders and members.
Sec. 10.10.100. Voting by members and stockholders.
Sec. 10.10.110. Amendment of articles.
Sec. 10.10.120. Directors and officers; annual and special meetings.
Sec. 10.10.130. Earned surplus.
Sec. 10.10.140. Designation of depository; prohibition against receiving deposits.
Sec. 10.10.150. Examinations, reports of condition, and required information.
Sec. 10.10.160. First meeting of corporation.
Sec. 10.10.170. Duration of corporation.
Sec. 10.10.180. Dissolution of corporation.
Sec. 10.10.185. Cancellation of corporate filings.
Sec. 10.10.190. Prohibition of pledge of credit of state.