LEGAL RESERVE Sample Clauses
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 154 of the Commercial Companies Law of 1974 requires that 10% of a company's net profit be transferred to a non-distributable statutory reserve until the amount of the statutory reserve becomes equal to at least one-third of the Company's paid up share capital.
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 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. 1/2020 held on February 28, 2020 the Company had appropriated its legal reserve in the amount of Baht 1.21 million of annual net income in 2019. 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.
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. The Ecuadorian Companies Law requires that at least 10% of annual profits be appropriated as a legal reserve until it reaches at least 50% of capital stock. This reserve is not available for the payment of cash dividends but can be fully capitalized.
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 Payoff Amount in paragraph one above includes a Legal Reserve in the amount of $225,000.00. Sixty days following the Effective Day, Loop will be reimbursed any funds which remain in the Legal Reserve following the payment of all legal fees and expenses incurred by GemCap.
LEGAL RESERVE. In 2015, according to the resolution of the Board of Directors Meeting No. 1/2016 held on February 26, 2016, the Company had appropriated its legal reserve in the amount of Baht 6.50 million of annual net income in 2015 and it was approved at the Annual General Meeting of the shareholders on April 21, 2016.
LEGAL RESERVE. This reserve is appropriated from profits and is freely available, subject to the prior approval of the Corporation's Shareholders' Meeting.