(1) Before payment of dividends to stockholders of a stock association or distribution of earned surplus to account holders of a mutual association, an association shall provide for:
(a) Its expenses, which shall include interest paid on savings accounts;
(b) Its definite fixed obligations; and
(c) The general reserve required by ORS 722.142.
(2) Nothing contained in this section prohibits an association from paying different rates of dividends or interest upon different classes of stock or savings accounts.
(3) Accrued unpaid interest delinquent for a period of more than three months shall not be considered earnings of an association.
(4) A savings association may, in addition to the general reserve, hold as earned surplus such sum as the board of directors may, from time to time, consider necessary or desirable. [Formerly 722.155]
Section: Previous 722.124 722.125 722.130 722.132 722.134 722.135 722.136 722.138 722.140 722.142 722.145 722.147 722.148 722.150 722.152 NextLast modified: August 7, 2008