6.2-1360 - (Effective October 1, 2010) Dividends. - Virginia Statutes

§ 6.2-1360. (Effective October 1, 2010) Dividends.

A. At such intervals and for such periods as the bylaws provide and afterprovision for the required reserves, the board of directors may declaredividends on share accounts from the undivided earnings or other funds setaside for dividends.

B. Dividends may be paid at different rates on different types of shareaccounts and at different rates and maturity dates in the case of sharecertificates.

C. Dividend credit may be accrued on shares as authorized by the board ofdirectors.

D. The rates of dividends and terms of payment may be declared in advance bythe board of directors.

E. In no event shall a dividend be paid if, after the payment thereof, theliabilities of the credit union would exceed its assets.

(Code 1950, § 6-228; 1964, c. 75; 1966, c. 584, § 6.1-219; 1968, c. 560;1976, c. 202; 1990, c. 373, § 6.1-225.43; 2010, c. 794.)