496B.14 Earned surplus set aside.
Each year each development corporation shall set apart as earned surplus not less than ten percent of its net earnings for the preceding fiscal year until such 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 said directors deem desirable, and the directors’ determination made in good faith shall be conclusive on all persons.
[C66, 71, 73, 75, 77, 79, 81, §496B.14]
Structure Iowa Code
Chapter 496B - ECONOMIC DEVELOPMENT CORPORATIONS
Section 496B.1 - Title of Act.
Section 496B.3 - Authorized corporations.
Section 496B.7 - Stock — limitations.
Section 496B.8 - Stockholders’ privileges.
Section 496B.9 - Loan procedures.
Section 496B.10 - Duration of membership.
Section 496B.11 - Powers of shareholders.
Section 496B.12 - Articles amended.
Section 496B.13 - Board of directors.
Section 496B.14 - Earned surplus set aside.
Section 496B.15 - Deposit of funds.
Section 496B.16 - Reports to department of economic development.
Section 496B.17 - Certificate to do business.