1. (1) Its undivided profits; or
2. (2) With the approval of the Commissioner, its surplus in excess of 100 percent of its required capital stock.

After providing for due or accrued expenses, losses, interest, and taxes, the board of directors of a subsidiary savings bank may declare a cash dividend only from the following:

Added by Acts 1986, c. 355, § 1, eff. July 1, 1986. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.