There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 5. Savings and Loan Associations
286.5.371 Dividends paid, when.
Download pdfwhich the amount is so withdrawn shall have been outstanding for a period of not
less than six (6) months; and earnings on any amount so withdrawn shall neither be
distributed for any greater portion of the dividend period than that during which
such amount remained in the association, nor at the rate in excess of the rate at
which earnings, exclusive of any bonus, are distributed on savings accounts for the
dividend period in which such amount is so withdrawn. All stock upon which
payments are made in installments, except stock pledged upon the direct reduction
plan, and all paid-up fully participating stock, shall be entitled to dividend in
proportion to the amount paid in on such stock. Paid-up stock upon which the
dividend rate is limited shall not participate in profits in excess of the limited rate. (2) Stock issued upon which mortgage is made upon semiannual reduction plan shall participate in any dividend only to extent of payments not credited upon the loan. (3) No dividend shall be declared, credited, or paid by any association except out of net income collected after deducting all expenses of operation and all losses sustained,
except such losses from sale of real estate as may be charged to the reserve fund as
provided in this subtitle. Effective: June 18, 1964
History: Created 1964 Ky. Acts ch. 138, sec. 19, effective June 18, 1964.
Formerly codified as KRS 289.371.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the
Kentucky Financial Services Code, KRS Chapter 286, and KRS references within
this statute have been adjusted to conform with the 2006 renumbering of that code.
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