310

On each semiannual closing day after payment or provision for all expenses and appropriate transfers to reserves, the remainder of net earnings for the semiannual period shall be credited to an undivided profits account. At each semiannual period, the board of directors shall declare a distribution of earnings. Interim dividends may be declared by the board of directors for the purpose of bringing to maturity, between semiannual periods, shares of the earliest issue of series outstanding. Payments of net earnings to shareholders are dividends and shall not be referred to as interest. No association shall be required to pay or to credit dividends on accounts of $5 or less. Dividends shall be declared on the participating value of each account at the beginning of the dividend period, plus payments thereon made during the dividend period less amounts withdrawn and noticed for withdrawal which, for dividend purposes, shall be deducted from the latest previous payments thereon, computed at the dividend rate for the time invested. Dividends on full paid income shares and savings shares may be paid or credited as follows:\n(1) for any period from date of receipt of payment to repurchase

the dividend rate for the time invested. Dividends on full paid income shares and savings shares may be paid or credited as follows:\n(1) for any period from date of receipt of payment to repurchase or withdrawal of same, or\n(2) from the first day of the month of payment to the last day of that month on payments made not later than the tenth calendar day of the month.