§ 1763. — Dividends.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1763]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1763. Dividends
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, title I, Sec. 117, formerly Sec. 13, 48 Stat.
1221; renumbered Sec. 18 and amended Pub. L. 86-354, Sec. 1, Sept. 22,
1959, 73 Stat. 634; Pub. L. 90-188, Sec. 2, Dec. 13, 1967, 81 Stat. 567;
renumbered title I, Sec. 117, Pub. L. 91-468, Sec. 1(2), Oct. 19, 1970,
84 Stat. 994; amended Pub. L. 93-383, title VII, Sec. 725, Aug. 22,
1974, 88 Stat. 720; Pub. L. 95-22, title III, Sec. 310, Apr. 19, 1977,
91 Stat. 53; Pub. L. 95-630, title V, Sec. 502(b), Nov. 10, 1978, 92
Stat. 3681; Pub. L. 96-221, title II, Sec. 207(b)(10), title III,
Sec. 305(c), Mar. 31, 1980, 94 Stat. 144, 147; Pub. L. 97-320, title V,
Sec. 524, Oct. 15, 1982, 96 Stat. 1534.)
Amendments
1982--Pub. L. 97-320 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.
1980--Pub. L. 96-221, Sec. 207(b)(10), struck out ``, pursuant to
such regulations as may be issued by the Board,'' after ``declare''.
Pub. L. 96-221, Sec. 305(c), inserted provisions relating to share
draft accounts.
1978--Pub. L. 95-630 substituted ``Board'' for ``Administrator''.
1977--Pub. L. 95-22 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.
1974--Pub. L. 93-383 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''.
1967--Pub. L. 90-188 inserted ``or quarterly'' after
``semiannually'' and substituted ``ten'' for ``five''.
1959--Pub. L. 86-354 authorized semiannual dividends, empowered the
board of directors to declare them instead of only recommend them, and
provided for dividend credit.
Effective Date of 1980 Amendment
Section 207(b) of Pub. L. 96-221 provided in part that the amendment
made by that section is effective 6 years after Mar. 31, 1980.
Amendment by section 305(c) of Pub. L. 96-221 effective at close of
Mar. 31, 1980, see section 306 of Pub. L. 96-221, set out as a note
under section 371a of this title.
Effective Date of 1978 Amendment
Amendment by Pub. L. 95-630 effective on expiration of 120 days
after Nov. 10, 1978, and transitional provisions, see section 509 of
Pub. L. 95-630, set out as a note under section 1752 of this title.
Section Referred to in Other Sections
This section is referred to in sections 1761b, 3502 of this title.
