{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1360.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1360.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1360.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1360.html"}],"law_id":66098,"edition_id":1,"section_id":66098,"structure_id":13647,"section_number":"6.2-1360","catch_line":"Dividends","history":"Code 1950, \u00a7 6-228; 1964, c. 75; 1966, c. 584, \u00a7 6.1-219; 1968, c. 560; 1976, c. 202; 1990, c. 373, \u00a7 6.1-225.43; 2010, c. 794.","full_text":"A\n\nAt such intervals and for such periods as the bylaws provide and after provision for the required reserves, the board of directors may declare dividends on share accounts from the undivided earnings or other funds set aside for dividends.B\n\nDividends may be paid at different rates on different types of share accounts and at different rates and maturity dates in the case of share certificates.C\n\nDividend credit may be accrued on shares as authorized by the board of directors.D\n\nThe rates of dividends and terms of payment may be declared in advance by the board of directors.E\n\nIn no event shall a dividend be paid if, after the payment thereof, the liabilities of the credit union would exceed its assets.","order_by":null,"text":{"0":{"id":240115,"text":"At such intervals and for such periods as the bylaws provide and after provision for the required reserves, the board of directors may declare dividends on share accounts from the undivided earnings or other funds set aside for dividends.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":240116,"text":"Dividends may be paid at different rates on different types of share accounts and at different rates and maturity dates in the case of share certificates.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":240117,"text":"Dividend credit may be accrued on shares as authorized by the board of directors.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":240118,"text":"The rates of dividends and terms of payment may be declared in advance by the board of directors.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":240119,"text":"In no event shall a dividend be paid if, after the payment thereof, the liabilities of the credit union would exceed its assets.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13647,"edition_id":1,"name":"Accounts","identifier":"8","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:45:28","date_modified":"2026-06-26 03:45:28","permalink":{"id":264821,"object_type":"structure","relational_id":13647,"identifier":"8","token":"6.2\/II\/13\/8","url":"\/6.2\/II\/13\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13635,"edition_id":1,"name":"Credit Unions","identifier":"13","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264545,"object_type":"structure","relational_id":13635,"identifier":"13","token":"6.2\/II\/13","url":"\/6.2\/II\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":54619,"structure_id":13647,"section_number":"6.2-1358","catch_line":"Share accounts","url":"\/6.2-1358\/","token":"6.2\/II\/13\/8\/6.2-1358","metadata":false},{"id":56262,"structure_id":13647,"section_number":"6.2-1359","catch_line":"Payment for shares; transfers; lien on shares","url":"\/6.2-1359\/","token":"6.2\/II\/13\/8\/6.2-1359","metadata":false},{"id":66098,"structure_id":13647,"section_number":"6.2-1360","catch_line":"Dividends","url":"\/6.2-1360\/","token":"6.2\/II\/13\/8\/6.2-1360","metadata":false},{"id":76027,"structure_id":13647,"section_number":"6.2-1361","catch_line":"Ascertaining value of assets","url":"\/6.2-1361\/","token":"6.2\/II\/13\/8\/6.2-1361","metadata":false},{"id":77351,"structure_id":13647,"section_number":"6.2-1362","catch_line":"Minors' accounts","url":"\/6.2-1362\/","token":"6.2\/II\/13\/8\/6.2-1362","metadata":false},{"id":78357,"structure_id":13647,"section_number":"6.2-1363","catch_line":"Individual retirement accounts and retirement or pension plans","url":"\/6.2-1363\/","token":"6.2\/II\/13\/8\/6.2-1363","metadata":false},{"id":78569,"structure_id":13647,"section_number":"6.2-1364","catch_line":"Acceptance of money under Virginia Uniform Transfers to Minors Act","url":"\/6.2-1364\/","token":"6.2\/II\/13\/8\/6.2-1364","metadata":false},{"id":74989,"structure_id":13647,"section_number":"6.2-1365","catch_line":"Accounts of deceased or incapacitated person","url":"\/6.2-1365\/","token":"6.2\/II\/13\/8\/6.2-1365","metadata":false},{"id":73218,"structure_id":13647,"section_number":"6.2-1366","catch_line":"Repealed","url":"\/6.2-1366\/","token":"6.2\/II\/13\/8\/6.2-1366","metadata":false},{"id":64186,"structure_id":13647,"section_number":"6.2-1367","catch_line":"Application of provisions to federal credit unions","url":"\/6.2-1367\/","token":"6.2\/II\/13\/8\/6.2-1367","metadata":false},{"id":71854,"structure_id":13647,"section_number":"6.2-1368","catch_line":"Accounts of fiduciaries","url":"\/6.2-1368\/","token":"6.2\/II\/13\/8\/6.2-1368","metadata":false},{"id":80853,"structure_id":13647,"section_number":"6.2-1369","catch_line":"Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary's personal account","url":"\/6.2-1369\/","token":"6.2\/II\/13\/8\/6.2-1369","metadata":false}],"previous_section":{"id":56262,"structure_id":13647,"section_number":"6.2-1359","catch_line":"Payment for shares; transfers; lien on shares","url":"\/6.2-1359\/","token":"6.2\/II\/13\/8\/6.2-1359","metadata":false},"next_section":{"id":76027,"structure_id":13647,"section_number":"6.2-1361","catch_line":"Ascertaining value of assets","url":"\/6.2-1361\/","token":"6.2\/II\/13\/8\/6.2-1361","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1360\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 75; in 1966, chapter 584; in 1968, chapter 560; in 1976, chapter 202; in 1990, chapter 373; in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264831,"object_type":"law","relational_id":66098,"identifier":"6.2-1360","token":"6.2\/II\/13\/8\/6.2-1360","url":"\/6.2-1360\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1360\/","token":"6.2\/II\/13\/8\/6.2-1360","dublin_core":{"Title":"Dividends","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1360","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> At such intervals and for such periods as the bylaws provide and after provision for the required reserves<\/span>, the board of directors may declare dividends on share accounts<\/span> from the undivided earnings or other funds set aside for dividends. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Dividends may be paid at different rates on different types of share accounts<\/span> and at different rates and maturity dates in the case of share certificates. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Dividend credit may be accrued on shares<\/span> as authorized by the board of directors. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The rates of dividends and terms of payment may be declared in advance by the board of directors. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In no event shall a dividend be paid if, after the payment thereof, the liabilities of the credit union<\/span> would exceed its assets<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDIVIDENDS (\u00a7 6.2-1360)\n\nA. At such intervals and for such periods as the bylaws provide and after\nprovision for the required reserves, the board of directors may declare\ndividends on share accounts from the undivided earnings or other funds set aside\nfor dividends.\n\nB. Dividends may be paid at different rates on different types of share accounts\nand at different rates and maturity dates in the case of share certificates.\n\nC. Dividend credit may be accrued on shares as authorized by the board of\ndirectors.\n\nD. The rates of dividends and terms of payment may be declared in advance by the\nboard of directors.\n\nE. In no event shall a dividend be paid if, after the payment thereof, the\nliabilities of the credit union would exceed its assets.\n\nHISTORY: Code 1950, \u00a7 6-228; 1964, c. 75; 1966, c. 584, \u00a7 6.1-219; 1968, c.\n560; 1976, c. 202; 1990, c. 373, \u00a7 6.1-225.43; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}