(a) After allocations to the reserve account if required by the director, the board of directors may at the end of any dividend period duly established, declare a dividend from undivided earnings as the bylaws may provide.
(b)  Dividends shall be paid on all fully paid shares outstanding at the close of the dividend periods.
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Terms Used In Idaho Code 26-2184

  • Capital: means the shares of a credit union. See Idaho Code 26-2104
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit union: means a cooperative nonprofit corporation chartered under the provisions of this chapter. See Idaho Code 26-2104
  • Director: means the director of the department of finance of the state of Idaho. See Idaho Code 26-2104
(c)  And provided further that the Idaho corporate credit union may pay interest on daily deposit balances of its members which are in excess of the capital share base requirement for membership.
(d)  No dividend shall be declared or paid at a time when the corporation is insolvent.