Interest-dividends shall not exceed fifteen percent per year and shall be noncumulative. Total interest-dividends distributed for any single period shall not exceed fifty percent of the net savings for that period.
History: Laws 1939, ch. 164, § 22; 1941 Comp., § 54-1422; 1953 Comp., § 51-15-22; Laws 1983, ch. 14, § 1.
ANNOTATIONS
The 1983 amendment, effective June 17, 1983, combined the former first and second paragraphs into the present single paragraph and substituted “fifteen percent per year” for “six percent per annum” in the first sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations § 22; 18B Am. Jur. 2d Corporations §§ 1175, 1263 to 1276, 1305.
Distribution of funds by nonprofit corporation absent dissolution, 51 A.L.R.3d 1318.
Validity and enforceability of bylaw amendment reducing benefits available to members, 61 A.L.R.3d 976.