Labor Bulletin No. 122
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Such dividends shall be paid on all fully paid shares outstanding at the close of the fiscal year, but shares which become fully paid during the year shall be entitled only to a proportional part of said dividend, calculated from the first day of the month following such payment in full. Dividends due to a member shall be paid to him in cash or credited to the account of partly paid shares for which he has subscribed.
[Gen. Acts, 1915, c. 268, § 22] 819. Guaranty fund. — Repealed by Gen. Acts, ...1915, c. 268, § 26. Re-enacted in new form as follows : — Before the payment of an annual dividend in any year, there shall be set apart as a guaranty fund twenty per cent of the net income which has accumulated during the fiscal year, except as hereinafter provided. Said fund and the investments thereof shall belong to the corporation and shall be held to meet contin- gencies or losses in its business. All entrance fees shall be added at once to the guar- anty fund. Upon recommendation of the board of directors, the members at any annual meeting may increase, and, whenever said fund equals or exceeds the amount of capital stock actually paid in, may decrease, the proportion of profits which is re- quired by this section to be set apart as a guaranty fund : provided, that, if the corpora^ tion holds stock hi other credit unions or in farmland banks, the percentage of profits to be set apart as a guaranty fund shall not be decreased until the amount of the fund equals or exceeds the amount of capital stock of the corporation, actually paid in and in addition thereto the amount actually paid for the shares of stock in such credit unions and farmland banks.
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To quickly assess the difficulty of the text, read a short excerpt:
Such dividends shall be paid on all fully paid shares outstanding at the close of the fiscal year, but shares which become fully paid during the year shall be entitled only to a proportional part of said dividend, calculated from the first day of the month following such payment in full. Dividends due to a member shall be paid to him in cash or credited to the account of partly paid shares for which he has subscribed.
[Gen. Acts, 1915, c. 268, § 22] 819. Guaranty fund. — Repealed by Gen. Acts, ...1915, c. 268, § 26. Re-enacted in new form as follows : — Before the payment of an annual dividend in any year, there shall be set apart as a guaranty fund twenty per cent of the net income which has accumulated during the fiscal year, except as hereinafter provided. Said fund and the investments thereof shall belong to the corporation and shall be held to meet contin- gencies or losses in its business. All entrance fees shall be added at once to the guar- anty fund. Upon recommendation of the board of directors, the members at any annual meeting may increase, and, whenever said fund equals or exceeds the amount of capital stock actually paid in, may decrease, the proportion of profits which is re- quired by this section to be set apart as a guaranty fund : provided, that, if the corpora^ tion holds stock hi other credit unions or in farmland banks, the percentage of profits to be set apart as a guaranty fund shall not be decreased until the amount of the fund equals or exceeds the amount of capital stock of the corporation, actually paid in and in addition thereto the amount actually paid for the shares of stock in such credit unions and farmland banks.
What to read after Labor Bulletin No. 122?
You can find similar books in the "Read Also" column, or choose other free books by Massachusetts. Bureau of Statistics to read onlineMoreLess
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