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 shall be equal in value to one half of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus established herein shall become impaired, 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 such reserves as the directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 20 - Special Purpose Entities.
Article 7 - Industrial Development Corporation.
Section 10A-20-7.01 - Definitions.
Section 10A-20-7.02 - Incorporation.
Section 10A-20-7.03 - First Meeting.
Section 10A-20-7.04 - Powers of Corporation.
Section 10A-20-7.05 - Membership - Application; When Effective.
Section 10A-20-7.06 - Membership - Withdrawal.
Section 10A-20-7.07 - Directors and Officers.
Section 10A-20-7.08 - Corporation to Be State Development Company.
Section 10A-20-7.09 - Powers of Stockholders and Members.
Section 10A-20-7.11 - Loans to Corporation by Members.
Section 10A-20-7.12 - Credit of State Not to Be Pledged.
Section 10A-20-7.13 - Taking of Security by Mortgage or Otherwise.
Section 10A-20-7.14 - Tax Exemptions, Credits, and Privileges.
Section 10A-20-7.15 - Occupational License Taxes.
Section 10A-20-7.16 - Setting Apart of Earned Surplus.
Section 10A-20-7.17 - Deposit of Funds in Designated Depository.
Section 10A-20-7.18 - Annual Examination and Reports.
Section 10A-20-7.19 - Fiscal Year.
Section 10A-20-7.20 - Amendment of Certificate of Formation.
Section 10A-20-7.21 - Duration of Corporation.
Section 10A-20-7.22 - Dissolution.
Section 10A-20-7.23 - Applicability of Laws Regulating Securities.