Credit Union Act, 1966


22.—(1) A dividend on the shares of a credit union, not exceeding ten per cent. of the nominal value of the shares, may be declared by the members of the credit union at each annual general meeting of the credit union, and any such dividend shall be paid on all shares outstanding at the end of the preceding financial year, shares which have been allotted during that financial year being entitled to a proportional part of the dividend and a portion of a month being disregarded for the purpose of such entitlement.

(2) No dividend declared by the members of a credit union shall exceed the amount recommended by the board of directors, or be paid otherwise than out of surplus funds which are available for that purpose and have been accumulated after meeting the requirements of section 23 of this Act in relation to reserve.