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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-135. Dividends on Permanent Reserve Fund Stock

Current as of January 01, 2025 | Updated by Findlaw Staff

<The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and proceedings commenced prior to said repeal, pursuant to Act 2013-23, § 109.>

An association may not more frequently than it credits or pays earnings to savings accounts pay a dividend on permanent reserve fund stock subject to the following conditions:

(1) The association shall have during the then current year, from its net earnings, credited or paid earnings on its savings accounts,

(2) The association shall have from its net earnings of the then current year in which the dividend is to be paid credited to its general reserves such amounts as may be required by the department, and

(3) No dividends shall be declared for permanent reserve fund stock that will impair reserves as set forth in section 822  1 or 10 Pa. Code section 40.1 except upon written permission by the department.

1 7 P.S. § 6020-132.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-135. Dividends on Permanent Reserve Fund Stock - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-135/

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