Each year the 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 determination of the directors, made in good faith, shall be conclusive on all persons.
Structure West Virginia Code
Article 14. West Virginia Business Development Corporations
§31-14-1. Short Title; Definitions
§31-14-2. Incorporators; Purposes; Agreement of Incorporation
§31-14-3. Authorized Capital Stock; Description of Shares; Consideration for Sale of Shares
§31-14-4. Issuance of Charter; Exemption From License Tax
§31-14-6. Board of Directors; Officers
§31-14-7. Financial Institutions as Members of Corporation; Loans to Corporation by Members
§31-14-8. Powers of Stockholders and Members; Voting
§31-14-8a. Statewide Corporation; Economic Regions Created; Loan Committees
§31-14-10. Creation of Surplus From Annual Net Earnings
§31-14-11. Corporation Not to Receive Deposits; Designation of Depository Bank
§31-14-12. Examination by and Reports to Banking Commissioner
§31-14-14. Amendment of Charter