Utah Code 7-9-27. Dividends — Interest refunds
Current as of: 2023 | Check for updates
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(1) | After allocations to required reserves, a credit union may declare and pay a dividend from current earnings and undivided earnings at the discretion of the board of directors and as provided in its bylaws. |
(a) | Chapter 9, Utah Credit Union Act; or |
(b) | 12 U. See Utah Code 7-1-103 |
(2) | Dividends may be paid at different rates on different types or sizes of accounts. |
(3) | The board of directors may authorize any interest refunds on such classes of loans and under such conditions as the board authorizes. |
(4) | A credit union need not pay a dividend on any account less than the par value of one share. |
Amended by Chapter 8, 1983 General Session