Revised Code of Washington (RCW) (Last Updated: August 9, 2016) |
Title 33. WASHINGTON SAVINGS ASSOCIATION ACT |
Chapter 33.48. Stock associations. |
Section 33.48.040. Stock dividends, when.
Latest version.
- No dividends shall be declared on stock until the association has met the net worth and federal insurance requirements of the federal savings and loan insurance corporation. Subject to the provisions of this chapter, stock shall be entitled to such rate of dividend, if earned, as fixed by the board. Stock dividends may be declared and issued by the board at any time, payable from otherwise unallocated surplus and undivided profits.