(1) Subject to the restrictions in this section and the savings bank’s bylaws, the board of directors from time to time may declare dividends on stock. (2) The board of directors may not declare dividends if the total capital of the savings bank is less than that required under s. 214.43. (3) The board of directors may quarterly, semiannually or annually declare a dividend on capital stock of so much of the net profits of the savings bank that the board determines to be expedient, except that until the paid-in surplus of the savings bank equals its capital stock, a dividend may not be declared unless there has been transferred to paid-in surplus not less than 10 percent of the net profits of the preceding half year in the case of quarterly or semiannual dividends, or not less than 10 percent of the net profits for the preceding year in the case of annual dividends. A stock dividend may be declared out of retained earnings with the written approval of the division. (4) The written approval of the division is required before any dividends on stock that exceed 50 percent of the savings bank’s net profits of that year may be declared in any calendar year.
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