A dividend may be declared by the board of directors at different rates on different types of accounts to be paid or accrued at any interval authorized by the board from undivided surplus remaining after the deduction of all expenses and amounts required to be set apart as a guaranty fund. Such dividend shall be paid on all fully paid shares outstanding at the close of the fiscal year, but shares which become fully paid during the year shall be entitled only to a proportional part of the dividend, calculated from a day of the month to be designated by the board of directors which shall be no later than the tenth day following such payment in full. Dividends due to a member shall be paid to him in cash or credited to the account of partly paid shares for which he has subscribed. Provided, the board of directors may elect to pay quarterly or semiannual dividends, in which case the provisions would apply to a three-month period ending the last day of each calendar quarter if paid quarterly or, if the semiannual case, a six-month period would apply ending June thirtieth and December thirty-first. Provided, further, the board may elect to grant dividends to members based on a daily balance in which case they would still be paid at the end of the quarterly, semiannual or annual period.
HISTORY: 1962 Code Section 8-672; 1952 (47) 1950; 1961 (52) 175; 1969 (56) 193; 1971 (57) 768; 1977 Act No. 87 Section 6; 1982 Act No. 359, Section 7.