83-19-65 - Dividends.
§ 83-19-65. Dividends.
No stock company shall make a dividend, either in cash or stock certificates, except from its actual net surplus computed as required by law in its annual statements. Nor shall any company which has ceased to do new business of insurance divide any portion of its assets, except surplus, to its stockholders until it shall have performed or cancelled its policy obligations.
Sources: Codes, 1892, § 2335; 1906, § 2587; Hemingway's 1917, § 5051; 1930, § 5156; 1942, § 5666.