At such intervals as the board of directors may authorize, and after provision for required reserves, the board of directors may declare a dividend to be paid at different rates on different types of shares, at different rates and maturity dates in the case of share certificates, and at different rates on different types of share draft accounts. Dividends credited may be accrued on various types of shares, share certificates, and share draft accounts as authorized by the board of directors. If the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been purchased.
June 26, 1934, ch. 750 48 Stat. 1221 Pub. L. 86–354, § 173 Stat. 634 Pub. L. 90–188, § 281 Stat. 567 Pub. L. 91–468, § 1(2)84 Stat. 994 Pub. L. 93–383, title VII, § 72588 Stat. 720 Pub. L. 95–22, title III, § 31091 Stat. 53 Pub. L. 95–630, title V, § 502(b)92 Stat. 3681 Pub. L. 96–221, title II, § 207(b)(10)94 Stat. 144 Pub. L. 97–320, title V, § 52496 Stat. 1534 (, title I, § 117, formerly § 13, ; renumbered § 18 and amended , , ; , , ; renumbered title I, § 117, , , ; amended , , ; , , ; , , ; , title III, § 305(c), , , 147; , , .)
Editorial Notes
Amendments
Pub. L. 97–3201982— substituted “the board of directors may declare” for “the board may declare” and “Dividends credited” for “Dividend credit”, and inserted provision that if the par value of a share exceeds $5, dividends shall be paid on all funds in the regular share account once a full share has been published.
Pub. L. 96–221, § 207(b)(10)1980—, struck out “, pursuant to such regulations as may be issued by the Board,” after “declare”.
Pub. L. 96–221, § 305(c), inserted provisions relating to share draft accounts.
Pub. L. 95–6301978— substituted “Board” for “Administrator”.
Pub. L. 95–221977— substituted “the board may declare, pursuant to such regulations as may be issued by the Administrator, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates” for “the board of directors may declare a dividend to be paid from the remaining net earnings” and “accrued on various types of shares and share certificates” for “accrued on shares” and struck out provision that such dividends shall be paid on all paid-up shares outstanding at the end of the period for which the dividend is declared and provision that shares which become fully paid up during such dividend period and are outstanding at the close of the period shall be entitled to a proportional part of such dividend.
Pub. L. 93–3831974— substituted “At such intervals as the board of directors may authorize” for “Annually, semiannually, or quarterly, as the bylaws may provide”, and “Dividend credit may be accrued on shares as authorized by the board of directors” for “Dividend credit for a month may be accrued on shares which are or become fully paid up during the first ten days of that month”.
Pub. L. 90–1881967— inserted “or quarterly” after “semiannually” and substituted “ten” for “five”.
Pub. L. 86–3541959— authorized semiannual dividends, empowered the board of directors to declare them instead of only recommend them, and provided for dividend credit.
Statutory Notes and Related Subsidiaries
Effective Date of 1980 Amendment
Pub. L. 96–221, title II, § 207(b)94 Stat. 144 , , , provided in part that the amendment made by that section is effective 6 years after .
section 305(c) of Pub. L. 96–221section 306 of Pub. L. 96–221section 1464 of this titleAmendment by effective at close of , see , set out as a note under .
Effective Date of 1978 Amendment
Pub. L. 95–630section 509 of Pub. L. 95–630section 1752 of this titleAmendment by effective on expiration of 120 days after , and transitional provisions, see , set out as a note under .