(a) A corporation formed under this Code may pay in full, or reduce, amounts in deficit resulting from losses from both earned surplus and capital surplus.

(b) Authorization to pay any amount in deficit shall be by resolution of the board of directors.

(c) Earned surplus must be the primary source for payment of amounts in deficit.

(d) Capital surplus may only be used to pay amounts in deficit where earned surplus amounts are insufficient. [Ord. 18 Part II § 8, adopted, 10/7/2008.]