Ohio § 1726.09

§ 1726.09.

Each year a corporation incorporated under Chapter 1726. of the Revised Code shall

set apart as earned surplus not less than ten per cent of its net earnings for the

preceding fiscal year until such surplus is equal in value to one-half of the amount

paid in on the shares of the corporation then outstanding.  Whenever the amount of such surplus becomes 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 deemed 1 desirable, and the directors' determination made in good faith shall be conclusive

on all persons. 1

 Prior and current versions differ although no amendment to this language was indicated

in 129 v 582;  “deemed” appeared as “deem” in 128 v 784.