TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 355 STATUTORY BAD DEBTS
SECTION 355.20 PURPOSE


 

Section 355.20  Purpose

 

Pursuant to Section 14(8) of the Act a state bank shall not pay dividends in an amount greater than its net profits then on hand without first deducting therefrom its losses and bad debts.  This Part establishes guidelines for determining when an obligation is well secured and in the process of collection.