32-3-502. Dividends. (1) At such intervals and for such periods as the board of directors may authorize and after provision for the required reserves, the board of directors may declare dividends to be paid from the undivided earnings at such rates and upon such classes of shares as are determined by the board. Such dividends shall be paid on all paid-up shares outstanding at the close of the period for which the dividend is declared.
     (2) Shares which become fully paid up during such dividend period and are outstanding at the close of the period shall be entitled to a proportionate share of such dividend.
     (3) Dividend credit for a month may be accrued on shares which are or become fully paid up during the first 15 days of that month.

     History: En. 14-640 by Sec. 40, Ch. 38, L. 1975; R.C.M. 1947, 14-640.