Virginia § 13.1-994 - Earned surplus
Full text of Virginia Code of Virginia § 13.1-994 — Earned surplus, with citation guidance and answers to common questions.
§ 13.1-994. Earned surplus
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 so established shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation.
Code 1950, § 13.1-151; 1960, c. 80; 1985, c. 522.
Frequently Asked Questions About Virginia § 13.1-994
What does Code of Virginia § 13.1-994 cover?
Section 13.1-994 ("Earned surplus") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 13.1-994?
A common citation format is "Code of Virginia § 13.1-994" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 13.1-994 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.