Prior approval of the Bank Commissioner shall be obtained prior to declaration and payment of any dividend by any state bank that shall amount to seventy-five percent (75%) or more of the net profits of the bank after all taxes for the current year (annualized) plus seventy-five percent (75%) of the retained net profits for the immediately preceding year.

Codification Notes: This section was promulgated as Section 48-203.1 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-48-203)"