Section 45-2-404 - Authority to declare dividends

The board of directors of a state bank may not declare dividends in any calendar year that exceeds the total of its net income of that year combined with its retained net income of the preceding two (2) years without the prior approval of the commissioner.Acts 1969, ch. 36, § 1 (3.318); T.C.A., § 45-229; Acts 2001, ch. 54, § 13.