Banking Control Law

A bank shall, prior to announcing the distribution of dividends, transfer an amount of not less than 25% of its net annual profits to its statutory reserve until such reserve becomes at least equal to the bank’s paid-up capital. A bank may Banking Control Law not pay dividends or transfer abroad any part of its profits except after its incorporation expenditures are paid and incurred losses are covered, and after deducting at least 10% of the amount of its capital expenditures until such expenditures are paid.