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MCL 490.362 Dividend; Declaration; Payment; Rate; Amount
Library | Michigan Statutes |
Edition | 2023 |
Currency | Current through Public Act 321 of the 2023 Legislative Session |
Year | 2023 |
Citation | MCL 490.362 |
A credit union board may declare and pay a dividend on shares from current or accumulated net earnings, or both, but only after providing for required reserves, accrued and unpaid expenses, and established loan and lease losses. A domestic credit union may pay a dividend on partial or full shares and may pay the dividend at differing levels and at differing intervals based on the type of share accounts owned by a member, the liquidation priority of the share accounts, and the balances of the member's s...
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