Guaranty fund — Payment of interest and dividends — When authorized.

A savings bank not having net earnings or undivided profits or other surplus may pay interest and dividends from its guaranty fund upon prior written approval of the director, which approval shall not be withheld unless the director has determined that such payments would place the savings bank in an unsafe and unsound condition.

[1994 c 92 § 317; 1982 c 5 § 2.]