                                 CODE OF VIRGINIA

EARNED SURPLUS (§ 13.1-994)

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.

HISTORY: Code 1950, § 13.1-151; 1960, c. 80; 1985, c. 522.