§ 113-76. Application of corporate income. - North Carolina Statutes

§ 113‑76. Application of corporate income.

The gross annual income of any such corporation, whether received fromsales of timber, timber operations, stumpage permits or other sources, shall beapplied as follows: first, to the payment of all fixed charges, and alloperating and maintenance charges and expenses including taxes, assessments,insurance, amortization charges in amounts approved by the Secretary toamortize mortgage or other indebtedness and reserves essential to operation;second, to surplus, and/or to the payment of dividends not exceeding themaximum fixed by this Article; third, the balance, if any, in reduction ofdebts. (1933, c. 178, s. 16;1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 93.)