Arizona § 6-442 - Dividends and interest
Full text of Arizona Arizona Revised Statutes § 6-442 — Dividends and interest, with citation guidance and answers to common questions.
§ 6-442. Dividends and interest
A. Subject to the restrictions set forth in this section and the association's bylaws, an association from time to time may determine the term, rate and amount of interest to be paid on accounts, and for that purpose may establish reasonable classifications of accounts, based on any of the following:
1. The types or classes of such accounts.
2. The length of time accounts are continued in effect.
3. The size of initial payments on accounts.
4. The minimum balances of accounts during apportionment periods.
5. The frequency and extent of the activity of accounts.
6. Such other classifications as the deputy director may approve, and the deputy director is authorized to prepare model plans of classifications for adoption by associations.
B. An association shall determine the method of calculating the amount of interest on accounts, and the date on which the interest is to be declared or credited, but a payment or credit shall not be made more than ten days before the end of any apportionment period, except on a matured bonus plan account or as approved by rules of the deputy director.
C. Dividends may be declared and paid on shares of guaranty capital as allowed from time to time by the laws governing corporations organized in this state, except that dividends payable other than in the association's own stock may be paid out as a distribution, as defined in section 10-140, only with the approval of the deputy director or as approved by rules of the deputy director.
Frequently Asked Questions About Arizona § 6-442
What does Arizona Revised Statutes § 6-442 cover?
Section 6-442 ("Dividends and interest") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 6-442?
A common citation format is "Arizona Revised Statutes § 6-442" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 6-442 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.