{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-994.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-994.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-994.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-994.html"}],"law_id":69071,"edition_id":1,"section_id":69071,"structure_id":14577,"section_number":"13.1-994","catch_line":"Earned surplus","history":"Code 1950, \u00a7 13.1-151; 1960, c. 80; 1985, c. 522.","full_text":"Each year the corporation shall set apart as earned surplus not less than ten percent of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus so established shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation.","order_by":null,"text":{"0":{"id":250025,"text":"Each year the corporation shall set apart as earned surplus not less than ten percent of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus so established shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14577,"edition_id":1,"name":"Industrial Development Corporations","identifier":"11","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:48:44","date_modified":"2026-06-26 03:48:44","permalink":{"id":148277,"object_type":"structure","relational_id":14577,"identifier":"11","token":"13.1\/11","url":"\/13.1\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":80825,"structure_id":14577,"section_number":"13.1-981","catch_line":"How chapter cited","url":"\/13.1-981\/","token":"13.1\/11\/13.1-981","metadata":false},{"id":69245,"structure_id":14577,"section_number":"13.1-982","catch_line":"Definitions","url":"\/13.1-982\/","token":"13.1\/11\/13.1-982","metadata":false},{"id":56063,"structure_id":14577,"section_number":"13.1-983","catch_line":"Incorporation","url":"\/13.1-983\/","token":"13.1\/11\/13.1-983","metadata":false},{"id":83258,"structure_id":14577,"section_number":"13.1-984","catch_line":"Corporate name","url":"\/13.1-984\/","token":"13.1\/11\/13.1-984","metadata":false},{"id":68339,"structure_id":14577,"section_number":"13.1-985","catch_line":"Governor to approve articles of incorporation","url":"\/13.1-985\/","token":"13.1\/11\/13.1-985","metadata":false},{"id":65825,"structure_id":14577,"section_number":"13.1-986","catch_line":"How funds may be derived","url":"\/13.1-986\/","token":"13.1\/11\/13.1-986","metadata":false},{"id":60972,"structure_id":14577,"section_number":"13.1-987","catch_line":"Restrictions on powers of corporation","url":"\/13.1-987\/","token":"13.1\/11\/13.1-987","metadata":false},{"id":58421,"structure_id":14577,"section_number":"13.1-988","catch_line":"Acquisition, transfer, etc., of securities and shares of corporation","url":"\/13.1-988\/","token":"13.1\/11\/13.1-988","metadata":false},{"id":80429,"structure_id":14577,"section_number":"13.1-989","catch_line":"Membership in corporation; loans from members","url":"\/13.1-989\/","token":"13.1\/11\/13.1-989","metadata":false},{"id":85284,"structure_id":14577,"section_number":"13.1-990","catch_line":"Shares and shareholders","url":"\/13.1-990\/","token":"13.1\/11\/13.1-990","metadata":false},{"id":72676,"structure_id":14577,"section_number":"13.1-991","catch_line":"Directors","url":"\/13.1-991\/","token":"13.1\/11\/13.1-991","metadata":false},{"id":72431,"structure_id":14577,"section_number":"13.1-992","catch_line":"Executive committee","url":"\/13.1-992\/","token":"13.1\/11\/13.1-992","metadata":false},{"id":77569,"structure_id":14577,"section_number":"13.1-993","catch_line":"Restrictions on amendments to articles of incorporation","url":"\/13.1-993\/","token":"13.1\/11\/13.1-993","metadata":false},{"id":69071,"structure_id":14577,"section_number":"13.1-994","catch_line":"Earned surplus","url":"\/13.1-994\/","token":"13.1\/11\/13.1-994","metadata":false},{"id":74233,"structure_id":14577,"section_number":"13.1-995","catch_line":"Members to have rights of shareholders","url":"\/13.1-995\/","token":"13.1\/11\/13.1-995","metadata":false},{"id":84215,"structure_id":14577,"section_number":"13.1-996","catch_line":"Corporation not authorized to receive money on deposit; deposit of funds of corporation","url":"\/13.1-996\/","token":"13.1\/11\/13.1-996","metadata":false},{"id":71494,"structure_id":14577,"section_number":"13.1-997","catch_line":"Books and records","url":"\/13.1-997\/","token":"13.1\/11\/13.1-997","metadata":false},{"id":80620,"structure_id":14577,"section_number":"13.1-998","catch_line":"Credit of Commonwealth not pledged","url":"\/13.1-998\/","token":"13.1\/11\/13.1-998","metadata":false}],"previous_section":{"id":77569,"structure_id":14577,"section_number":"13.1-993","catch_line":"Restrictions on amendments to articles of incorporation","url":"\/13.1-993\/","token":"13.1\/11\/13.1-993","metadata":false},"next_section":{"id":74233,"structure_id":14577,"section_number":"13.1-995","catch_line":"Members to have rights of shareholders","url":"\/13.1-995\/","token":"13.1\/11\/13.1-995","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-994\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1960, chapter 80; in 1985, chapter 522.<\/p>","references":[{"id":80429,"section_number":"13.1-989","catch_line":"Membership in corporation; loans from members","order_by":null,"url":"\/13.1-989\/"}],"refers_to":false,"permalink":{"id":148331,"object_type":"law","relational_id":69071,"identifier":"13.1-994","token":"13.1\/11\/13.1-994","url":"\/13.1-994\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-994\/","token":"13.1\/11\/13.1-994","dublin_core":{"Title":"Earned surplus","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-994","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Each year the corporation shall set apart as earned surplus not less than ten percent of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus so established shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nEARNED SURPLUS (\u00a7 13.1-994)\n\nEach year the corporation shall set apart as earned surplus not less than ten\npercent of its net earnings for the preceding fiscal year until such surplus\nshall be equal in value to one-half of the amount paid in on the capital stock\nthen outstanding. Whenever the amount of surplus so established shall become\nimpaired, it shall be built up again to the required amount in the manner\nprovided for its original accumulation.\n\nHISTORY: Code 1950, \u00a7 13.1-151; 1960, c. 80; 1985, c. 522.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}