533.312 Dividends and interest.
108 words·~1 min read·
/ia/chapter-533-credit-unions/533-312·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The board of directors may declare dividends at such rates and upon such classes of shares as are determined by the board, at such intervals and for such periods as the board may authorize, and after provision for required reserves pursuant to section 533.303.
2. Dividends shall be considered a normal operating expense of the state credit union and shall be paid on all paid-up shares outstanding at the close of the period for which the dividend is declared and shall be available only from undivided earnings.
3. The superintendent may restrict or prohibit the payment of a dividend or interest when an impairment of capital exists.