The Florida Senate

424.16  Surplus; accumulation and disposition.--The amount of net earnings transferable to surplus in any year after making or providing for the payments specified in s. 424.08(1), (2), and (3) shall be subject to the approval of the Department of Community Affairs. The amount of such surplus shall not exceed 15 percent of the outstanding capital stock and income debentures of the corporation, but the surplus so limited shall not be deemed to include any increase in assets due to the reduction of mortgage or amortization or similar payments. On dissolution of any limited dividend housing company, the stockholders and income debenture certificateholders shall in no event receive more than the par value of their stock and debentures plus accumulated, accrued, and unpaid dividends or interest, less any payments or distributions theretofore made other than by dividends provided in s. 424.11; and any remaining surplus or other undistributed earnings shall be paid into the general fund of the state or shall be disposed of in such other manner as the department may direct and the then Governor may approve.

History.--s. 15, ch. 16028, 1933; CGL 1936 Supp. 4151(147); ss. 18, 35, ch. 69-106; s. 66, ch. 81-167; s. 69, ch. 83-55.