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The board of directors of a state bank may not declare dividends in any calendar year that exceeds the total of its net income of that year combined with its retained net income of the preceding two (2) years without the prior approval of the commissioner.
Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-2-404 - last updated January 01, 2020 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-2-404/
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