2009 Iowa Code
Title 13 - Commerce
Subtitle 2 - Financial Institutions
CHAPTER 534 - SAVINGS AND LOAN ASSOCIATIONS
534.307 - DIVIDENDS -- SERVICE FEE.

        534.307  DIVIDENDS -- SERVICE FEE.
         After making such provisions for absorbing immediate and possible
      future losses, the board of directors of such association shall
      annually, or at such other intervals as the board of directors may
      determine, declare and apportion as a dividend to members, according
      to its articles of incorporation, such portion of the association's
      net profits as it may deem available, and as authorized under this
      chapter.  Members shall participate in dividends in proportion to
      their respective investments therein.  Dividends for a particular
      month may be paid on sums invested by a member by the tenth day of
      that month or by such later date of that month as is authorized by
      the superintendent, which shall in no event be later than the
      twentieth day of a particular month.  If the tenth day of said month
      or other authorized date falls on a Sunday, holiday or another
      business day on which the particular association is normally closed,
      then money received by the next business day may earn dividends from
      the first of that month.  The board of directors may also devise
      other methods of paying dividends, including payment of dividends
      from date of investment to date of withdrawal, subject to the
      approval of the superintendent.  Additionally a service fee not to
      exceed one dollar per dividend period may be charged to a member's
      account when no activity has taken place in said account for the
      eight preceding quarterly periods and the principal of such account
      is less than fifty dollars.  

         Section History: Early Form

         [C73, § 1187; C97, § 1902, 1903; C24, 27, 31, 35, § 9347, 9350;
      C39, § 9347, 9347.1; C46, 50, 54, 58, § 534.45, 534.46; C62, 66,
      71, 73, 75, 77, 79, 81, § 534.42, 534.43] 

         Section History: Recent Form

         C85, § 534.307
         87 Acts, ch 171, §36