SECTION .0600 ‑ DIVIDENDS: DEPOSITS AND INTEREST REBATE

 

04 NCAC 06C .0601          DIVIDENDS

(a)  The Board of directors of any credit union may declare dividends as its bylaws provide.

(b)  No dividend may be declared or paid unless the Credit Union has satisfied the statutory reserve requirements and any other reserve account that is required to be maintained in the discretion of the Administrator.

 

History Note:        Authority G.S. 54‑109.12; 54‑109.44(5);

Eff. February 1, 1976;

Readopted Eff. April 4, 1978;

Amended Eff. October 1, 1983.