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12 U.S.C. § 1763 — Dividends

submitted 92 years ago by ch. 750 to r/title-12-BANKS-AND-BANKING · 109 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section allows the board to declare dividends after required reserves are provided. It permits different rates for different share, certificate, and share-draft types and contains a rule for accounts whose share par value exceeds $5.

After required reserves are provided, the board may declare dividends at authorized intervals. It may use different rates for different share types, different rates and maturity dates for share certificates, and different rates for different share-draft accounts. Credited dividends may be accrued as the board authorizes. If a share’s par value is over $5, dividends must be paid on all funds in the regular share account after one full share is purchased.
the actual law source: uscode.house.gov ↗public domain

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.

Source credit: (June 26, 1934, ch. 750, title I, § 117, formerly § 13, 48 Stat. 1221; renumbered § 18 and amended Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 634; Pub. L. 90–188, § 2, Dec. 13, 1967, 81 Stat. 567; renumbered title I, § 117, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 93–383, title VII, § 725, Aug. 22, 1974, 88 Stat. 720; Pub. L. 95–22, title III, § 310, Apr. 19, 1977, 91 Stat. 53; Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 96–221, title II, § 207(b)(10), title III, § 305(c), Mar. 31, 1980, 94 Stat. 144, 147; Pub. L. 97–320, title V, § 524, Oct. 15, 1982, 96 Stat. 1534.)

history & why it existsrecord from the source credit
  • 1934Enacted · Act of June 26, 1934, ch. 750 · 48 Stat. 1221
  • 1959Amended · Pub. L. 86-354 · 73 Stat. 634
  • 1967Amended · Pub. L. 90-188 · 81 Stat. 567
  • 1970Amended · Pub. L. 91-468 · 84 Stat. 994
  • 1974Amended · Pub. L. 93-383 · 88 Stat. 720
  • 1977Amended · Pub. L. 95-22 · 91 Stat. 53
  • 1978Amended · Pub. L. 95-630 · 92 Stat. 3681
  • 1980Amended · Pub. L. 96-221 · 94 Stat. 144, 147
  • 1982Amended · Pub. L. 97-320 · 96 Stat. 1534

A history note hasn’t been published yet. The record shows enactment by ch. 750 on 1934-06-26.

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