1. The board of directors may declare dividends at such rates and upon such classes of shares as are determined by the board, at such intervals and for such periods as the board may authorize, and after provision for required reserves pursuant to section 533.303.

Terms Used In Iowa Code 533.312

  • Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
  • credit union: is a lso a "supervised financial organization" as that term is defined and used in chapter 537, the Iowa consumer credit code. See Iowa Code 533.102
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • Superintendent: means the superintendent of credit unions appointed pursuant to section 533. See Iowa Code 533.102
 2. Dividends shall be considered a normal operating expense of the state credit union and shall be paid on all paid-up shares outstanding at the close of the period for which the dividend is declared and shall be available only from undivided earnings.
 3. The superintendent may restrict or prohibit the payment of a dividend or interest when an impairment of capital exists.
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