Type: FCA Regulation
PART 615 - FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS
Subpart J - Retirement of Equities and Payment of Dividends
§ 615.5295 Payment of dividends.
(a) The board of directors of a bank, association, or service corporation must declare a dividend on a class of stock before any dividends may be paid to stockholders.
(b) No bank, association, or service corporation may declare or pay any dividend unless after declaration or payment of the dividend the institution would continue to meet its regulatory capital standards under this part.
(c) Each bank, association, and service corporation must exclude any accrued but unpaid dividends from regulatory capital computations under this part.
[70 FR 53909, Sept. 13, 2005]
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