Indiana Code
Chapter 1. Industrial Loan and Investment Act
28-5-1-14. Surplus Account; Dividends

Sec. 14. Every such company shall on June 30 and December 31 of each year, and before the payment of any dividends on its outstanding stock, transfer to its surplus account a credit equal to five per cent (5%) of the net earnings of such company for the preceding six (6) months and shall accumulate such surplus account until the unimpaired amount thereof equals the amount of the capital stock of such company. No such company shall declare or pay dividends upon its stock in any form unless its capital is unimpaired and unless a surplus fund equal to twenty-five per cent (25%) of its capital has been accumulated and is maintained unimpaired. Thereafter any such company may annually or semiannually, but not more frequently declare and pay a dividend of so much of its net earnings as may be deemed expedient, but the rate of such dividend shall not exceed the rate of six per cent (6%) per annum upon the book value of its shares, as determined by the department, until the unimpaired surplus fund of the company is equal to the amount of its unimpaired capital stock.
Formerly: Acts 1935, c.181, s.14.

Structure Indiana Code

Indiana Code

Title 28. Financial Institutions

Article 5. Industrial Loan and Investment Companies

Chapter 1. Industrial Loan and Investment Act

28-5-1-1. Citation

28-5-1-2. Application of Chapter

28-5-1-3. Definitions; Department's Powers

28-5-1-4. Definitions; Certificate of Authority; Branches; Automated Teller Machines

28-5-1-5. Capital Requirements

28-5-1-6. Corporate Powers

28-5-1-6.3. Request to Exercise Rights and Privileges Granted to National Banks; Appeal

28-5-1-6.5. Sale of Annuity Contracts

28-5-1-7. Repealed

28-5-1-8. Limitation of Total Obligation of Single Borrower; Exceptions; Loans to Officers, Agents, and Employees; Violation; Offense; Credit Exposure From Derivative Transactions

28-5-1-9. Mortgage Loans

28-5-1-10. Time for Existing Companies to Comply With Loan Limits

28-5-1-11. Acquisition or Conveyance of Real Estate; Purposes

28-5-1-12. Certificates of Indebtedness or Investment; Form; Payment; Withdrawals

28-5-1-13. Certificates of Indebtedness or Investment; Reserve Balance

28-5-1-14. Surplus Account; Dividends

28-5-1-15. Authority of Department; Examination of Affiliates; Examination of Vendors

28-5-1-16. Records Retention Policy

28-5-1-17. Rules and Regulations

28-5-1-18. Fidelity Coverage for Officers and Employees; Bonds; Reserve Funds

28-5-1-19. Exclusion From Banking Business; False Advertising; Desist Orders

28-5-1-20. Repealed

28-5-1-21. Elimination of Certificates of Indebtedness or Certificates of Investment, Deposits, or Savings Accounts

28-5-1-22. Violations

28-5-1-22.1. Prohibited Transactions

28-5-1-23. Taxation

28-5-1-24. Repealed

28-5-1-25. Conversion Into State Bank, Trust Company, or Savings Association

28-5-1-26. Requirement to Provide Property Tax Information in Certain Transactions