Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · Massachusetts · Part I — ADMINISTRATION OF THE GOVERNMENT · Title XXII — CORPORATIONS · Chapter 171

Section 29: Shares and deposits; dividends

395 words·~2 min read·/ma/part-i/title-xxii/chapter-171/29·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 29. The capital of a credit union shall be unlimited in amount and shall consist of shares and deposits. Shares shall be of a par value of not less than five dollars but not more than twenty-five dollars each and shall be subscribed and paid for in such manner as the by-laws of the credit union shall prescribe.
Dividends may be declared by the board of directors at least once every year for such periods as shall be determined by the board of directors and paid from the earnings which actually have been collected during the dividend period next preceding and which remain after the deduction of all expenses, interest on deposits and shares and the amounts required to be set apart to the loan reserve and investment reserve or such dividend may be declared in whole or in part from the undivided earnings of preceding years remaining after the aforesaid deductions for such years; provided, however, that if the by-laws of the credit union so provide, a share purchased or deposit made on or before the tenth day after the day on which shares or deposits begin to draw dividends or interest, as provided in the by-laws or regulations, or, if such tenth day be a Saturday, Sunday or legal holiday, on or before the next business day succeeding such tenth day and remaining in the credit union as shares or deposits through the balance of the monthly period, shall be construed as having been on deposit as shares or deposits one full month within the meaning of this section.
Such dividends may be paid on fully paid shares outstanding at the close of the dividend period, but shares which become fully paid during such dividend period shall be entitled only to a proportionate part of such dividend calculated from the first day of the month following such payment in full. Dividends due to a member shall, at his election, be paid to him in cash or credited to his account in either shares or deposits; provided, however, that dividends may not be declared or paid on less than one full share.
Dividends may be paid at various rates based on the type and amount of an account or on the terms and conditions applicable to said accounts.
The board of directors shall determine the rate of interest to be paid on deposits.
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.