West Virginia § 31-14-10 - 31-14-10. Creation of surplus from annual net earnings.
Full text of West Virginia West Virginia Code § 31-14-10 — 31-14-10. Creation of surplus from annual net earnings., with citation guidance and answers to common questions.
§ 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.
Source: official West Virginia text · Last verified 2026-08-27
Frequently Asked Questions About West Virginia § 31-14-10
What does West Virginia Code § 31-14-10 cover?
Section 31-14-10 ("31-14-10. Creation of surplus from annual net earnings.") is part of the West Virginia Code, the codified statutory law of West 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 West Virginia § 31-14-10?
A common citation format is "West Virginia Code § 31-14-10" (West 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 West Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the West Virginia official source linked on this page or consult a licensed West Virginia attorney.
How does West Virginia § 31-14-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in West 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 West Virginia.