13.1-994 - Earned surplus. - Virginia Statutes

§ 13.1-994. Earned surplus.

Each year the corporation shall set apart as earned surplus not less than tenpercent of its net earnings for the preceding fiscal year until such surplusshall be equal in value to one-half of the amount paid in on the capitalstock then outstanding. Whenever the amount of surplus so established shallbecome impaired, it shall be built up again to the required amount in themanner provided for its original accumulation.

(Code 1950, § 13.1-151; 1960, c. 80; 1985, c. 522.)