Arizona § 6-440 Apportionment of profits

Arizona Statutes

§ 6-440 — Apportionment of profits

Arizona § 6-440

Title 6Arizona Revised Statutes

Ch. 3SAVINGS AND LOAN ASSOCIATIONS

Art. 4Capital

This text of Arizona § 6-440 (Apportionment of profits) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 6-440 (2026).

Text

The board of directors may apportion the profits of the association as the bylaws may prescribe, and each apportionment shall be made in accordance with the following procedure:

1.Proper allocation first shall be made to accrued interest on accounts.

2.Proper allocation then shall be made to any reserves required by law or the deputy director.

3.Additional allocations then may be made to such special reserves as the board of directors may have established.

4.Dividends then may be declared if the bylaws so provide on shares of guaranty capital, in accordance with this chapter.

5.The residue of such profits may be held as undivided profits.

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The board of directors may apportion the profits of the association as the bylaws may prescribe, and each apportionment shall be made in accordance with the following procedure:

1. Proper allocation first shall be made to accrued interest on accounts.

2. Proper allocation then shall be made to any reserves required by law or the deputy director.

3. Additional allocations then may be made to such special reserves as the board of directors may have established.

4. Dividends then may be declared if the bylaws so provide on shares of guaranty capital, in accordance with this chapter.

5. The residue of such profits may be held as undivided profits.