17-5423. Same; payment of dividends; requirements.
17-5423
17-5423. Same; payment of dividends; requirements.
No cash dividends shall be declared on guarantee stock by any association
unless it meets the net worth requirements for insurance of accounts by the
federal savings and loan insurance corporation or such other insurer
approved by the state commissioner of insurance under K.S.A. 17-5826, and
amendments thereto. Subject to the provisions of the savings and loan code
and acts amendatory thereof or supplemental thereto, guarantee stock shall
be entitled to such rate of dividend, if earned, as fixed by the board of
directors. Stock dividends may be payable out of otherwise unallocated
surplus.
History: L. 1955, ch. 141, § 5; L. 1981, ch. 105, § 4;
L. 1986, ch. 94, § 1; July 1.