301-A:26 Restriction On Dividends
Last revised 1983 § Leave a Comment
The maximum rate of dividends paid on share capital shall not exceed 10 percent per year, or such other percentage per year as may be approved under the bylaws of the National Consumer Cooperative Bank, upon the paid capital. Dividends shall be non-cumulative. The net savings of the operation of the association, including the distribution of stock dividends, shall be distributed in a way that prevents one member, sub-group of members, organizers, incorporators, or management from becoming the principal beneficiary of or gaining disproportionately from such economic results.
1983, 462:1, eff. July 1, 1983.
Area of Law
- Title XXVII: Corporations, Associations, And Proprietors Of Common Lands
- Chapter 301-a: Consumers’ Cooperative Associations