§ 6-502. Dividends
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 6-502
§ 6-502. Dividends
(a)(1) Except as otherwise provided in this section, the board may declare and pay dividends from its available net earnings or undivided earnings at the close of any accounting period after providing for accrued expenses and interest.
(b) The board shall set the dividend rate and any terms and conditions regarding the dividend.
(c) A credit union may not declare a dividend:
Credits
Added as Financial Institutions § 6-402 by Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 315; Acts 1981, c. 166; Acts 1986, c. 778; Acts 1986, c. 835. Renumbered as Financial Institutions § 6-502 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
Formerly Art. 11, § 155.
MD Code, Financial Institutions, § 6-502, MD FIN INST § 6-502
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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