South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 2 - COOPERATIVE CREDIT UNIONS
Section 15-50 - Declaration of Dividends by State-chartered Credit Unions
Universal Citation: SC Code Regs 15-50
Current through Register Vol. 48, No. 9, September 27, 2024
The Board of Directors of a state-chartered credit union may declare dividends at different rates on different types of accounts (share, share draft, and share certificate accounts) to be paid at any interval authorized by the Board of Directors from undivided surplus remaining after the deduction of all expenses and amounts to be set apart as a guaranty fund. However, all dividend rates declared and paid shall be the same for all accounts that are equal in amounts and terms and have previously been approved by the Board of Directors.
Statutory Authority: 1976 Code Section 34-1-110.
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