30.56.070 - No dividends until reductions paid. - Washington Statutes

No dividends until reductions paid.

A bank for which such a plan has been put into effect shall not declare or pay a dividend or distribute any of its assets among stockholders until there shall have been set aside for and credited ratably to the creditors whose demands were reduced an amount equal to the aggregate of the reductions.

[1955 c 33 § 30.56.070. Prior: 1933 c 49 § 7; RRS 3293-7.]