205 ILCS 305/38
Dividends
Illinois · Illinois Compiled Statutes 205 ILCS 305 — Illinois Credit Union Act. · Status: effective
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- Citation
- 205 ILCS 305/38, Dividends, Illinois, version 1 as recorded 2026-08-14, yourstate.us, https://yourstate.us/provision/1283333
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Full text
Dividends. The board of directors may declare a dividend to be paid periodically from net earnings or undivided earnings and distributed ratably among holders of share accounts of the same class as provided in the bylaws. Dividends may not be declared or paid at a time when the credit union is insolvent or its net assets are less than its stated capital or when the payment thereof would render the credit union insolvent or reduce its net assets below its stated capital. (Source: P.A. 97-133, eff. 1-1-12.)