Georgia Code
Part 3 - Operation and Regulation
§ 7-1-660. Dividends; Interest

At such intervals and for such periods as the board of directors may authorize, dividends and interest from retained earnings may be declared at such rates as are determined by the board, provided that such dividends and interest shall not be paid until provision for the transfer to the allowance for loan losses has been made. Dividends or interest in excess of 100 percent of a credit union’s net earnings before dividends shall be approved in writing by the department prior to payment, provided that an application from a credit union with net worth equal to or in excess of the requirements for a well-capitalized credit union, as defined by the National Credit Union Administration rules and regulations, shall be deemed to be approved five business days after the receipt of the dividend approval form by the department unless the department notifies the credit union that the dividend is not approved within this period. The proposed dividend or interest may be paid after approval by the department upon its determination that such payment would be in the continued best interest of the credit union, would promote its stability, and would not impair its ability to repay its creditors other than its shareholders and depositors.
History. Ga. L. 1925, p. 165, § 13; Code 1933, § 25-113; Ga. L. 1956, p. 742, § 2; Ga. L. 1968, p. 465, § 6; Code 1933, § 41A-3111, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1975, p. 445, § 33; Ga. L. 1981, p. 1244, § 11; Ga. L. 2005, p. 826, § 20/SB 82; Ga. L. 2006, p. 72, § 7/SB 465; Ga. L. 2010, p. 878, § 7/HB 1387.

Structure Georgia Code

Georgia Code

Title 7 - Banking and Finance

Chapter 1 - Financial Institutions

Article 3 - Credit Unions

Part 3 - Operation and Regulation

§ 7-1-650. Powers

§ 7-1-651. Membership; Shares

§ 7-1-651.1. In-Person Annual Meetings; Requirements for Remote Options; Impact of Emergency Declaration

§ 7-1-652. Joint, Minor, and Trust Shares and Deposits; Preferred Capital Base Shares

§ 7-1-653. Expulsions and Withdrawals; Disposition of Deposits, Interest, Shares, or Dividends; Reinstatement

§ 7-1-654. Capital; Right to Offset Loans, Dues, and Fines

§ 7-1-655. Boards of Directors; Credit and Audit Committees; Officers; Oaths of Officials; Removal From Office; Suspension of Member; Filling of Vacancies; Notification to Department of Change in President or Chief Executive Officer

§ 7-1-656. Duties of Directors; Meetings; Prohibited Activities; Eligibility to Vote; Applicability of Code Section 7-1-490; Appointment of Honorary Director or Director Emeritus

§ 7-1-657. Duties of Audit Committee; Inspections; Comprehensive Annual Audits; Use of Independent Accountants

§ 7-1-658. Loans

§ 7-1-659. Entrance Fees; Reserves; Exclusion of State and Federal Credit Union Reserves From Tax Calculations

§ 7-1-660. Dividends; Interest

§ 7-1-661. Fiscal Year; Special Meetings of Members; Voting and Proxies

§ 7-1-662. Taxes to Which Subject

§ 7-1-663. Rules and Regulations of Department

§ 7-1-664. Credit Union Equipment, Operations, and Locations

§ 7-1-665. Designation of Main Office; Operation of Branch Offices; Factors in Establishing Branches; Approval Process; Merger of Credit Unions

§ 7-1-666. Deposit Insurance Requirements; Public Notices When Deposits Not Properly Insured

§ 7-1-667. Mergers

§ 7-1-668. Conversion of State and Federal Credit Unions

§ 7-1-669. Central Credit Union

§ 7-1-671. “Federal Power” Defined; Construction With Federal Law; Notifications; Objections; Authority; Construction