NAC677.250. Dividends.

     1. Dividends may be paid only from the undivided profits account.

     2. No dividends may be declared or paid if the declaration or payment would reduce the undivided profits account below 10 percent of the balance in the capital stock account.

     3. No thrift company may declare any dividend to its shareholders except on April 30, July 31, October 31, or January 31.

     4. No dividend may be paid to the company’s shareholders unless all interest due for the previous quarter has been paid to the company’s certificate holders, and unless all interest due has been paid to the holders of the company’s debt securities.

     5. No dividend may be paid to the company’s shareholders unless all lawful claims and demands for withdrawal by certificate holders for the previous quarter have been paid.

     [Dep’t of Commerce, Thrift Companies Reg. § 5, eff. 1-4-76; A 1-4-78]