(a) The board of directors may, after making provisions for required reserves, declare dividends to be paid on share accounts and membership shares, if any, from the net earnings or undivided earnings, as provided in the bylaws. The board may authorize the intervals and periods for dividend payments.
(b) Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice, and time requirements.
(c) Dividends need not be paid on membership shares, but if a dividend is paid, it may be added to the membership share held by each member.
(d) Dividends shall not be declared or paid at a time when the District credit union is insolvent, its net assets are less than its stated capital, or when the payment thereof would render the District credit union insolvent or reduce its net assets below its stated capital.
(May 6, 2020, D.C. Law 23-86, § 602, 67 DCR 3476.)
Structure District of Columbia Code