33.48.040 - Stock dividends, when.

Stock dividends, when.

No dividends shall be declared on stock until the association has met the net worth and federal insurance requirements of the federal savings and loan insurance corporation. Subject to the provisions of this chapter, stock shall be entitled to such rate of dividend, if earned, as fixed by the board. Stock dividends may be declared and issued by the board at any time, payable from otherwise unallocated surplus and undivided profits.

[1982 c 3 § 93; 1981 c 84 § 2; 1979 c 113 § 14; 1955 c 122 § 5.]

Notes: Severability -- 1982 c 3: See note following RCW 33.04.002.

Severability -- 1979 c 113: See note following RCW 33.04.020.