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Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 353

previous next Effective - 28 Aug 1945bottom

  353.100.  When corporation may pay interest on its income debentures or dividends on its stock. — No urban redevelopment corporation shall pay any interest on its income debentures or dividends on its stock during any dividend year unless there shall exist at the time of such payment no default under any amortization requirements with respect to its indebtedness, nor unless all accrued interest, taxes and other public charges shall have been duly paid or reserves set up for the payment thereof, and adequate reserves provided for depreciation, obsolescence and other proper reserves.

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(L. 1945 p. 1242 § 9)


---- end of effective   28 Aug 1945 ----

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