§ 113-70. Earnings above dividend requirements payable to State. - North Carolina Statutes

§ 113‑70.  Earningsabove dividend requirements payable to State.

Any earnings of such corporation in excess of the amounts necessary topay dividends to stockholders at the rate set forth in G.S. 113‑67 shallbe paid over to the State of North Carolina prior to the dissolution of suchcorporation.  Net income or net losses (determined in such manner as theSecretary shall consider properly to show such income or losses) from the saleof the capital assets of such corporation, whether such sale be upon dissolutionor otherwise, shall be considered in determining the earnings of suchcorporation for the purposes of this section.  In determining such earningsunrealized appreciation or depreciation of real estate or other fixed assetsshall not be considered. (1933, c. 178, s. 10; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989,c. 727, s. 87.)