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Dividends - 17 Pa. Cons. Stat. § 514

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     § 514.  Dividends.
        (a)  General rule.--The board of directors of a credit union
     or the members on recommendation of the board of directors,
     whichever the bylaws provide, may declare dividends to be paid
     on all shares and share certificates from the net earnings and
     undivided earnings at such rates and intervals and for such
     periods as the board of directors may authorize and after
     provision for the required reserves. Dividends may be added to
     the credit of the members share accounts, paid in cash, or
     partially credited to share accounts and partially paid in cash,
     at the option of the board of directors.
        (b)  Inactive accounts.--A share account may be transferred
     to a special account if, for at least six years, there has been
     no activity by the owner of the account and all written
     communications from the credit union to the owner of the account
     have been returned to the credit union with no forwarding
     address. After the transfer, the credit union may cease paying
     dividends on the transferred account and may cease sending
     notices to the owner. A member whose account has been
     transferred may reclaim the funds from the credit union at any
     time prior to the time the account is escheated. After escheat,
     reclaiming is governed by Article XIII.1 of the act of April 9,
     1929 (P.L.343, No.176), known as The Fiscal Code.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (a).

Last modified: November 27, 2007