Conditions for payment of dividends, distribution of earned surplus
- • holding earned surplus
(1) Before payment of dividends to stockholders of a stock association or distribution of earned surplus to account holders of a mutual association, an association shall provide for:
(a) Its expenses, which shall include interest paid on savings accounts;
(b) Its definite fixed obligations; and
(c) The general reserve required by ORS 722.142 (General reserve account for losses and net worth requirements).
(2) Nothing contained in this section prohibits an association from paying different rates of dividends or interest upon different classes of stock or savings accounts.
(3) Accrued unpaid interest delinquent for a period of more than three months shall not be considered earnings of an association.
(4) A savings association may, in addition to the general reserve, hold as earned surplus such sum as the board of directors may, from time to time, consider necessary or desirable. [Formerly 722.155]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information