TMBThanachart Bank Public Company Limited and its Subsidiaries (Formerly TMB Bank Public Company Limited and its Subsidiaries) Notes to the financial statements For the year ended 31 December 2021 114 The reduction and increase of the registered capital were registered with the Department of Business Development, Ministry of Commerce on 6 May 2021 and 14 June 2021 respectively. The Bank issued ordinary shares under the TTB Stock Retention Program 2019 of 91,575,000 ordinary shares with a par value of Baht 0.95 per share to its employees. The increase of the issued ordinary share was registered with the Department of Business Development, Ministry of Commerce on 15 September 2021. The Bank issued ordinary shares under the TTB Stock Retention Program 2021 of 121,882,700 ordinary shares with a par value of Baht 0.95 per share to its employees. The increase of the issued ordinary share was registered with the Department of Business Development, Ministry of Commerce on 4 October 2021. 32 Legal reserve Pursuant to section 116 of the Public Limited Company Act B.E. 2535 and under the Bank’s Articles of Association, the Bank and its subsidiaries is required to set aside a statutory reserve at least 5 percent of its net earnings after deducting accumulated deficit brought forward (if any) until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution. 33 Appropriation of profit and dividend payment (a) On 23 April 2021, the 2021 Annual General Meeting of the Bank’s shareholders passed a resolution approving the appropriation of the 2020 operating profit and dividend payment (1) Not allocating net profit from 2020 operating results to the legal reserve as the Bank’ s legal reserve is sufficient as required by laws and the Bank’s Articles of Association. (2) Payment of a dividend of Baht 0. 045 per share from the 2020 operating profit to the shareholders for a totalling of Baht 4,338 million. The Bank paid such dividend to its shareholders on 20 May 2021. (b) On 20 August 2020, the Board of Directors’ Meeting of the Bank passed a resolution approving as follows: (1) Appropriation of net profit of Baht 6,731 million to be legal reserve. (2) The inclusion of a part of net profit for the Bank only for the six-month period ended 30 June 2020 amounting to Baht 9,078 million to be counted as Tier 1 Capital of the Bank. 358 TMBThanachart Bank Public Company Limited
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