WVC 31 - 14 - 10
§31-14-10. Creation of surplus from annual net earnings.
Each year the corporation shall set apart as earned surplus
not less than ten percent of its net earnings for the preceding
fiscal year until such surplus shall be equal in value to one half
of the amount paid in on the capital stock then outstanding.
Whenever the amount of surplus established herein shall become
impaired, it shall be built up again to the required amount in the
manner provided for its original accumulation. Net earnings and
surplus shall be determined by the board of directors, after
providing for such reserves as said directors deem desirable, and
the determination of the directors, made in good faith, shall be
conclusive on all persons.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.