353.100. When corporation may pay interest on its income debentures or dividends on its stock.
When corporation may pay interest on its income debentures ordividends on its stock.
353.100. No urban redevelopment corporation shall pay anyinterest on its income debentures or dividends on its stockduring any dividend year unless there shall exist at the time ofsuch payment no default under any amortization requirements withrespect to its indebtedness, nor unless all accrued interest,taxes and other public charges shall have been duly paid orreserves set up for the payment thereof, and adequate reservesprovided for depreciation, obsolescence and other properreserves.
(L. 1945 p. 1242 § 9)