State Codes and Statutes
Statutes > North-carolina > Chapter_54B > GS_54B-123§ 54B‑123. Dividends onwithdrawable accounts.
(a) An associationshall compute and pay dividends on withdrawable accounts in accordance withsuch terms and conditions as are herein prescribed, and subject to additionallimitation and restrictions as shall be set forth in its bylaws, or certificateof incorporation and resolutions of its board of directors.
(b) Notwithstanding anyother provisions of the General Statutes, savings and loan associations shallnot be limited in the amount of dividends they may pay on withdrawableaccounts. The Commissioner of Banks shall have the authority to insure that noassociation pays dividends on withdrawable accounts inconsistent with theassociation's continued solvency, and safe and proper operation. (1981, c. 282, s. 3; 2001‑193,s. 16.)
