Sec. 36a-456c. Dividends.
Sec. 36a-456c. Dividends. The governing board of a Connecticut credit union, or
the executive committee or senior management if so delegated by the governing board,
may declare and pay dividends on partial or full shares from current or accumulated net
earnings, provided such credit union shall meet its net worth requirements, provide for
accrued and unpaid expenses and adequately fund the allowance for loan and lease
losses account. A Connecticut credit union may not declare or pay dividends if it is
insolvent or if its net assets are less than stated capital or if the payment of dividends
would render such credit union insolvent or reduce its net assets below stated capital.
The commissioner may restrict the payment of dividends whenever it appears that such
payment would adversely affect the financial condition of a Connecticut credit union.
(P.A. 02-73, S. 56; P.A. 03-84, S. 58.)
History: P.A. 03-84 changed "Commissioner of Banking" to "commissioner", effective June 3, 2003.