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Appropriation and division of profits

English translation: przeznaczenie i podział zysku

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)

Polish term or phrase:	Appropriation and division of profits
English translation:	przeznaczenie i podział zysku
Entered by:	Michał Kraska

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12:34 Jun 8, 2010

Polish to English translations [PRO]
Bus/Financial - Accounting

Polish term or phrase: Appropriation and division of profits

In compliance with the law, first the reserve appropriations are drawn from the profit of each accounting period, depreciated by earlier losses, as relevant.

This way five percent is drawn to create statutory provision; this requirement no longer applies if the fund has reached the value of 0.1 of the initial capital and it is renewed if, for any reason, the value of the statutory reserve falls below the established level.

Profits for division consists of the profit for a given accounting period, depreciated by earlier losses and by amounts transferred to the provision according to the law or the statute and increased by undivided profit.

The existing balance is divided among all the shares in proportion to the amount of repayment or lack of amortization.

The General Shareholders Meeting may grant the shareholders, in regard to a part or the whole of divided dividend or dividend prepayments, the choice between the payment of the dividend in cash or in shares, on the conditions compliant with the legal regulations.