Delaware § 1915 - Undivided profits.
Full text of Delaware Delaware Code § 1915 — Undivided profits., with citation guidance and answers to common questions.
§ 1915. Undivided profits.
Any building and loan association may, at the discretion of its board of directors set aside any surplus net income or other available earnings which remain after reserve and dividend requirements have been met and retain such funds in an undivided profits account, provided that the total undivided profits on hand at any one time shall not exceed 10 percent of the association’s paid in capital plus earnings.
5 Del. C. 1953, § 1915; 50 Del. Laws, c. 218, § 4;Frequently Asked Questions About Delaware § 1915
What does Delaware Code § 1915 cover?
Section 1915 ("Undivided profits.") is part of the Delaware Code, the codified statutory law of Delaware. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Delaware § 1915?
A common citation format is "Delaware Code § 1915" (Delaware). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Delaware law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Delaware official source linked on this page or consult a licensed Delaware attorney.
How does Delaware § 1915 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Delaware can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Delaware.