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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-27

A credit union may declare and pay dividends only after required reserves are allocated, and its board and bylaws govern how dividends and interest refunds are authorized.

Source excerpt

accountsboard discretioncredit unionsdividendsearningsinterest refundsloansreserves
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“A credit union may declare and pay dividends only after required reserves are allocated, and its board and bylaws govern how dividends and interest refunds are authorized.”

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02

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  1. 01

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03

Research entry points

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Dividends -- Interest refunds.

A credit union may declare and pay dividends only after required reserves are allocated, and its board and bylaws govern how dividends and interest refunds are authorized.

Section 7-9-27

Subsection 7-9-27(1)

A credit union may declare and pay a dividend from current earnings and undivided earnings after required reserves are allocated, if the board of directors allows it and the bylaws permit it.

Section 7-9-27(1)

Subsection 7-9-27(2)

Dividends may be paid at different rates for different types or sizes of accounts.

Section 7-9-27(2)

Subsection 7-9-27(3)

The board of directors may authorize interest refunds for certain classes of loans, subject to conditions the board sets.

Section 7-9-27(3)

Subsection 7-9-27(4)

A credit union is not required to pay a dividend on any account below the par value of one share.

Section 7-9-27(4)

04

Source and current-law status

In force source record

Source record from le.utah.gov · Legal dates not recorded

In force

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Official record

Source-indexed provision map

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Showing 5 of 5 provisions

Provision 5
§ 7-9-27Dividends -- Interest refunds.Provision

Source excerpt

A credit union may declare and pay dividends only after required reserves are allocated, and its board and bylaws govern how dividends and interest refunds are authorized.

Dividends -- Interest refunds. After allocations to required reserves, a credit union may declare and pay a dividend from current earnings and undivided earnings at the discretion of the board of directors and as provided in its bylaws. Dividends may be paid at different rates on different types or sizes of accounts. The board of directors may authorize any interest refunds on such classes of loans and under such conditions as the board authorizes. A credit union need not pay a dividend on any account less than the par value of one share.
Section 7-9-27Verify source
§ 7-9-27(1)Subsection 7-9-27(1)Provision

Source excerpt

A credit union may declare and pay a dividend from current earnings and undivided earnings after required reserves are allocated, if the board of directors allows it and the bylaws permit it.

After allocations to required reserves, a credit union may declare and pay a dividend from current earnings and undivided earnings at the discretion of the board of directors and as provided in its bylaws.
Section 7-9-27(1)Verify source
§ 7-9-27(2)Subsection 7-9-27(2)Provision

Source excerpt

Dividends may be paid at different rates for different types or sizes of accounts.

Dividends may be paid at different rates on different types or sizes of accounts.
Section 7-9-27(2)Verify source
§ 7-9-27(3)Subsection 7-9-27(3)Provision

Source excerpt

The board of directors may authorize interest refunds for certain classes of loans, subject to conditions the board sets.

The board of directors may authorize any interest refunds on such classes of loans and under such conditions as the board authorizes.
Section 7-9-27(3)Verify source
§ 7-9-27(4)Subsection 7-9-27(4)Provision

Source excerpt

A credit union is not required to pay a dividend on any account below the par value of one share.

A credit union need not pay a dividend on any account less than the par value of one share.
Section 7-9-27(4)Verify source

Legislative relationships

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