The board of directors of an institution or Oregon stock savings bank may, at any regular meeting, declare a dividend, but the amount of the dividend shall not be greater than its unreserved retained earnings, deducting therefrom, to the extent not already charged against earnings or reflected in a reserve, the following:
(1) All bad debts, which are debts on which interest is past due and unpaid for at least six months, unless the debt is fully secured and in the process of collection.
(2) All other assets charged off as required by the Director of the Department of Consumer and Business Services or a state or federal examiner.
(3) All accrued expenses, interest and taxes of the institution or Oregon stock savings bank. [Amended by 1973 c.797 §79; 1997 c.631 §74]
Section: Previous 707.330 707.340 707.345 707.350 707.355 707.360 707.370 707.380 707.390 707.400 707.410 707.415 707.420 707.430 707.440 NextLast modified: August 7, 2008