Sec. 123.208. DIVIDENDS AND INTEREST. (a) A credit union may: (1) declare and pay a dividend on a share; (2) contract for and pay interest on a deposit; or (3) refund interest to a borrower. (b) A dividend or interest may be paid at a rate and on the conditions that the board authorizes. (c) The commissioner may restrict the payment of a dividend: (1) if the commissioner issues a cease and desist order under Section 122.257 ; or (2) as necessary to protect the member's interests and preserve the solvency of the credit union as authorized by commission rule.
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