At such intervals as the board of directors may authorize, and after provision for required reserves, the board of directors may declare a dividend to be paid at different rates on different types of shares, at different rates and maturity dates in the case of share certificates, and at different rates on different types of share draft accounts. Dividends credited may be accrued on various types of shares, share certificates, and share draft accounts as authorized by the board of directors. If the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been purchased.
1982—Pub. L. 97–320substituted “the board of directors may declare” for “the board may declare” and “Dividends credited” for “Dividend credit”, and inserted provision that if the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been published.
1980—Pub. L. 96–221, § 207(b)(10), struck out “, pursuant to such regulations as may be issued by the Board,” after “declare”.
Pub. L. 96–221, § 305(c), inserted provisions relating to share draft accounts.
1977—Pub. L. 95–22substituted “the board may declare, pursuant to such regulations as may be issued by the Administrator, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates” for “the board of directors may declare a dividend to be paid from the remaining net earnings” and “accrued on various types of shares and share certificates” for “accrued on shares” and struck out provision that such dividends shall be paid on all paid-up shares outstanding at the end of the period for which the dividend is declared and provision that shares which become fully paid up during such dividend period and are outstanding at the close of the period shall be entitled to a proportional part of such dividend.
1974—Pub. L. 93–383substituted “At such intervals as the board of directors may authorize” for “Annually, semiannually, or quarterly, as the bylaws may provide”, and “Dividend credit may be accrued on shares as authorized by the board of directors” for “Dividend credit for a month may be accrued on shares which are or become fully paid up during the first ten days of that month”.
1967—Pub. L. 90–188inserted “or quarterly” after “semiannually” and substituted “ten” for “five”.
1959—Pub. L. 86–354authorized semiannual dividends, empowered the board of directors to declare them instead of only recommend them, and provided for dividend credit.
Effective Date of 1980 Amendment
Section 207(b) ofPub. L. 96–221provided in part that the amendment made by that section is effective 6 years after Mar. 31, 1980.
Amendment by section 305(c) ofPub. L. 96–221effective at close of Mar. 31, 1980, see section 306 ofPub. L. 96–221, set out as a note under section
1464 of this title.
Effective Date of 1978 Amendment
Amendment by Pub. L. 95–630effective on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 ofPub. L. 95–630, set out as a note under section
1752 of this title.
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