Utah § 16-13-10 - Amount of net earnings set apart as earned surplus.
Full text of Utah Utah Code § 16-13-10 — Amount of net earnings set apart as earned surplus., with citation guidance and answers to common questions.
§ 16-13-10. Amount of net earnings set apart as earned surplus.
Each year a development corporation shall set apart as earned surplus not less than 10% of its net earnings for its 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 surplus so established shall become impaired, it shall be restored to the required amount in the manner hereinbefore provided. Net earnings and surplus shall be determined by the board of directors, after providing for such reserves as said directors deem desirable, and the directors' determination made in good faith shall be conclusive on all persons.
Enacted by Chapter 27, 1965 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 16-13-10
What does Utah Code § 16-13-10 cover?
Section 16-13-10 ("Amount of net earnings set apart as earned surplus.") is part of the Utah Code, the codified statutory law of Utah. 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 Utah § 16-13-10?
A common citation format is "Utah Code § 16-13-10" (Utah). 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 Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 16-13-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah 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 Utah.