(205 ILCS 305/38) (from Ch. 17, par. 4439)
Sec. 38. Dividends. The board of directors may declare a dividend to
be paid periodically from net earnings or undivided earnings and distributed
ratably among holders of share accounts of the same class as provided in
the bylaws. Dividends may not be declared or paid at a time when the credit
union is insolvent or its net assets are less than its stated capital or
when the payment thereof would render the credit union insolvent or reduce
its net assets below its stated capital.
(Source: P.A. 97-133, eff. 1-1-12.)
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