Texas Register, Volume 6, Number 9, Pages 531-596, February 6, 1981 Page: 537
531-596 p. ; 28 cm.View a full description of this periodical.
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537
cy ratio (ESR) of the credit union is 105 or more, and
provided that the credit union's reserves and un-
divided earnings are not frozen by order of the commis-
sioner in accordance with ,91.61(1) (.001(1) ) of this ti-
tle (relating to Reserve Allocation,). In order to
declare a dividend at a rate higher than 8.0" per an-
num. a credit union shall make written request to the
commissioner, furnishing a copy of the board's resolu-
tion to request such authority. In addition. the credit
union shall state the rate of dividend requested. fur-
nish an estimate of the dividend cost and a copy of the
financial and statistical report for the month of
November and December 1980. A credit union shall not
be authorized to post such dividends until written ap-
proval has been given by the commissioner. [After
allocations to reserves are made as required under Sectionl
9.01 i lliat and 9.0 1(i ib)). th:e board of' director's inmly declare
a dividend as prescribed in ti e bylaws aiid est ablis-ed hoardpolicy. Suci dividend s! ail noti exceed tie rate of 6.0%, per
annunm. unless sucti amounts required for a dividend in ex-
cess of 6.0:, si-alil Lave been earned in t ie dividend period for
wilicl it is declared unless approved b tihe comminnissioner.,
I-' urt ier. no dividend stall exceed t ie rate of 7 0:, per annunl
unless t ie reserves of i te credit union are in excess of delin-
quent loans (excluding federally insured loans) by at least
5 0"". of total loans excluding federally insured loans). unless
approved by tlie commissioner in writingg]
ib)-ici iNo ci ange I
Issued in A\ustin. Texas. ohn January 28..10t.Doc No 810700
John P Parsons
Commissioner
Credit Union DepartmentEffective Date February 4, 1981
Expiration Date June 4, 1981
For further information, please call (512) 837-9236..1...
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Texas. Secretary of State. Texas Register, Volume 6, Number 9, Pages 531-596, February 6, 1981, periodical, February 6, 1981; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth244404/m1/7/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.