§ 9-405. Dividends or interest -- Fixed term accounts

Latest version.

   (a) In general. -- Dividends or interest on a savings certificate account or other type of fixed term account shall be:

   (1) Subject to the approval of the Division Director; and

   (2) In accordance with the rules and regulations of the Division Director.

(b) Approval by Division Director. -- Within 45 days of the request, the Division Director shall approve an association's request to pay a dividend or interest under this section if:

   (1) Earnings of the association are sufficient to pay the proposed dividend for a period of at least 1 year; and

   (2) The public interest is protected.

(c) Appeal. -- An applicant aggrieved by the action or nonaction of the Division Director under this section may appeal to the appropriate circuit court.

HISTORY: An. Code 1957, art. 23, § 161FF; 1980, ch. 856; 1986, ch. 282.

                    
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