17-5423.   Same; payment of dividends; requirements.No cash dividends shall be declared on guarantee stock by any associationunless it meets the net worth requirements for insurance of accounts by thefederal savings and loan insurance corporation or such other insurerapproved by the state commissioner of insurance under K.S.A. 17-5826, andamendments thereto. Subject to the provisions of the savings and loan codeand acts amendatory thereof or supplemental thereto, guarantee stock shallbe entitled to such rate of dividend, if earned, as fixed by the board ofdirectors. Stock dividends may be payable out of otherwise unallocatedsurplus.

      History:   L. 1955, ch. 141, § 5; L. 1981, ch. 105, § 4;L. 1986, ch. 94, § 1; July 1.