54B-123. Dividends on withdrawable accounts.
(a) An association shall compute and pay dividends on withdrawable accounts in accordance with such terms and conditions as are herein prescribed, and subject to additional limitation and restrictions as shall be set forth in its bylaws, or certificate of incorporation and resolutions of its board of directors.
(b) Notwithstanding any other provisions of the General Statutes, savings and loan associations shall not be limited in the amount of dividends they may pay on withdrawable accounts. The Commissioner of Banks shall have the authority to insure that no association pays dividends on withdrawable accounts inconsistent with the association's continued solvency, and safe and proper operation. (1981, c. 282, s. 3; 2001-193, s. 16.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54B - Savings and Loan Associations
Article 6 - Withdrawable Accounts.
§ 54B-121 - Creation of withdrawable accounts.
§ 54B-122 - Additional requirements.
§ 54B-123 - Dividends on withdrawable accounts.
§ 54B-124 - Withdrawals from withdrawable accounts.
§ 54B-125 - Emergency limitations.
§ 54B-126 - Forced retirement of withdrawable accounts.
§ 54B-127 - Negotiable orders of withdrawal.
§ 54B-128 - Option on nonnegotiable orders of withdrawal.
§ 54B-130.1 - Payable on Death (POD) accounts.
§ 54B-131 - Right of setoff on withdrawable accounts.
§ 54B-132 - Minors as withdrawable account holders; safe deposit box lessees.
§ 54B-133 - Withdrawable accounts as deposit of securities.
§ 54B-134 - New account books.
§ 54B-135 - Transfer of withdrawable accounts.
§ 54B-136 - Authority of power of attorney.