Section 23-7-30 Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or Corporation.
The bank must not let net earnings after expenses benefit private individuals or entities, except when the board decides enough provision has been made for the bank’s obligations; then later net earnings must be paid to the state.
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- Jurisdiction
- United States — Alabama
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- Act or statute
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- Undated source snapshot
- Language
- en
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earnings distribution nonprofit banking
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Section 23-7-30 Net Earnings of Bank Not to Inure to Benefit of Any Individual, Firm, or Corporation.
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