Republic Acts1 min read
Section 29Sec./Art. 29
Personal notes Saved on this device
0 / 5,000 charactersReport page issue
Answer First
Primary Text
Distribution of Profits. A pre-need company may declare divided: Provided, That the following shall remain unimpaired, as certified under oath by the president and the treasurer with respect to items (a) and (b); and in the case of item (c), by the trust officer:
(a) One hundred percent (100%) of the capital stock;
(b) An amount sufficient to pay all net losses reported, or in the course of settlement, and all liabilities for expenses and taxes; and
(c) Trust fund.
Any dividend declared under the preceding paragraph shall be reported to the Commission within thirty (30) days after such declaration.
CHAPTER VIII
TRUST FUND
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
Confirm amendment, repeal, effectivity, and official publication.