LEGAL RESERVE. Under the provision of the civil and commercial code, the Company is required to set aside as statutory reserve at least 5% of its net income at each dividend declaration until the reserve reaches 10% of authorized capital. The reserve is not available for dividend distribution.
LEGAL RESERVE. Article 106 of the Commercial Companies Law of 1974 requires that 10% of a company’s net profit be transferred to a non-distributable legal reserve until the amount of legal reserve becomes equal to at least one-third of the company’s issued share capital.
LEGAL RESERVE. Under the provision of the Public Limited Companies Act B.E.2535, the Company must appropriate the reserve at least 5% of its annual net income after deduction of the deficit brought forward (if any) until the reserve reaches 10% of the authorized share capital. The legal reserve is not available for dividend distribution. A subsidiary had appropriated its legal reserve as reserve fund of which the reserve reaches 10% of the authorized share capital. According to the resolution on the Board of Directors Meeting No. 1/2019 held on February 27, 2019 the Company had appropriated its legal reserve in the amount of Baht 5.00 million of annual net income in 2018. According to the resolution on the Board of Directors Meeting No. 1/2018 held on February 26, 2018, the Company had appropriated its legal reserve in the amount of Baht 1.10 million of annual net income in 2017.
LEGAL RESERVE. Section 116 of the Public Companies Act B.E. 2535 requires that a public company shall allocate not less than 5% of its annual net profit, less any accumulated losses brought forward, to a reserve account (“legal reserve”), until this account reaches an amount not less than 10% of the registered authorised capital. The legal reserve is not available for dividend distribution.
LEGAL RESERVE. In compliance with the Public Company Act, B.E.2535 (1992), the Company has to set aside a portion of annual net profit for legal reserve not less than 5% of annual net profit until this reserve is not less than 10% of authorized capital. Such reserve is not allowed to pay for dividend.
LEGAL RESERVE. Under the provisions of the Limited Public Company Act B.E 2535, the Company is required to appropriate at least 5 % of its annual net income after deduction of the deficit brought forward (if any) as legal reserve until the reserve equal to 10 % of authorized share capital. The reserve is not available for dividend distribution.
LEGAL RESERVE. The Company currently has an accrual reserve, as of -------------- March 31, 2006, with regard to the SBC litigation of $510,000. If the Company satisfies the SBC litigation claim for any amount less than such accrued reserve, any excess funds realized by the Company may be used to reduce the Wachovia Credit Facility after Closing.
