379.1394. Dividend-payments, limitations.
Dividend-payments, limitations.
379.1394. 1. A SPLRC may not declare or pay dividends in any form toits owners other than in accordance with the transaction agreements.
2. Dividends may not decrease the capital of the SPLRC below theminimum initial capital requirement.
3. After giving effect to the dividends the assets of the SPLRC,including assets held in trust and letters of credit issued for theexclusive benefit of the SPLRC, must be sufficient to satisfy the directorthat it can meet its obligations.
4. Approval of the director for ongoing dividends of otherdistributions must be conditioned upon the retention at the time of eachpayment of capital or surplus equal to or in excess of amounts specified byor determined in accordance with formulas approved for the SPLRC by thedirector.
5. Dividends may be declared by the management of the SPLRC providedthat the dividend amount or form does not violate the provisions ofsections 379.1353 to 379.1421 or jeopardize the fulfillment of theobligations of the SPLRC.
(L. 2007 S.B. 215)