STATUTORY RESERVE Clause Samples
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STATUTORY RESERVE. Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company and a subsidiary is required to set aside as statutory reserve at least 5 percent of its net income after deducting accumulated deficit brought forward, (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution. Under the terms of the Civil and Commercial Code, twelve subsidiaries is required to set aside as statutory reserve at least 5 percent of its net income at each dividend declaration as the statutory reserve until the statutory reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution.
STATUTORY RESERVE. The term "Statutory Reserve", as used in this Agreement with respect to the Policies, means (a) - (ii) where:
(a) is the sum of the following items that pertain to reinsurance liabilities hereunder:
(i) Aggregate reserve as shown on the Annual Statement; and
(ii) Premiums paid in advance as shown on the Annual Statement.
(b) is the net deferred and uncollected premiums as shown on the Annual Statement.
STATUTORY RESERVE. The term "Statutory Reserve", as used in this Agreement ----------------- with respect to the Policies, is equal to Aggregate reserve as shown on the Annual Statement.