815

The directors of the Labor Bank may periodically declare dividends to its stockholders in such amount as they may deem reasonable; Provided, That the Labor Bank shall, before declaring dividends on its common stock, cover not less than ten percent (10%) of its net income during the period to which the dividends so declared apply into a fund which shall hereinafter be known as the Reserve Fund. These annual contributions to the Reserve Fund shall continue until said Fund becomes equal to the aggregate amount of the available capital of the Labor Bank.Never in its life may the Labor Bank withdraw or permit the withdrawal of, either in the form of dividends or in any other form, any portion of its capital stock or of the Reserve Fund. History —June 14, 1960, No. 86, p. 162, § 15.