No public utility shall declare or pay any dividend except out of net corporate income, and except after setting aside such depreciation reserve, if any, as it may carry in compliance with the provisions of RSA 374:10; provided, that this section shall not prevent the payment of dividends in any year out of any undistributed balance of such net corporate income previously accumulated.
Source. 1913, 98:1. PL 240:11. RL 289:11.