2005 Vermont Code - § 2081. — Dividends

§ 2081. Dividends

After allocations to required reserves, a credit union may declare a dividend from undivided earnings at the discretion of its board of directors and as its bylaws may provide. Dividends prorated on a monthly basis shall be paid on all fully paid shares for a calendar month on accounts of record at the end of the dividend period, with the provision that deposits made on or before the tenth of the month may be considered as being deposits as of the first of that month; and withdrawals made during the last three days of the month may be considered as withdrawals on the first of the following month. Dividends could be considered a normal operating expense of the credit union. Dividends shall not be declared, credited or paid until the board has determined that the amount thereof has been actually earned and stands to the credit of the credit union. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1969, No. 18, § 10, eff. March 11, 1969; 1971, No. 38, § 3; 1973, No. 222 (Adj. Sess.), § 2, eff. April 3, 1974; 1981, No. 192 (Adj. Sess.), § 4.)