HRS §412:10-302
How credit unions can pay dividends on accounts
A credit union's board can decide when to pay dividends on share accounts and membership shares, as long as it first sets aside required reserves. Dividends come from the credit union's undivided earnings. The board may pay different rates for different account types, based on conditions like minimum balance or notice requirements.
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The statute, as written — Dividends
(a) At such intervals as the board of directors may authorize, and after provision for required reserves, the board of directors may declare dividends to be paid on share accounts and membership shares (if any) from undivided earnings. (b) Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account such as minimum balance, notice and time requirements.
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