Section 7-1-660 - Dividends(a) As used in this Code section, the term "dividend" means a designated distribution of earnings other than the payable contracted rate of interest due to members and depositors in all deposit and share account categories.(b) At such intervals and for such periods as the board of directors may authorize, dividends from undivided earnings may be declared at such amounts as are determined by the board, provided that such dividends shall not be paid until provision for the transfer to the allowances for credit losses has been made. Dividends in excess of specified amounts prescribed by regulations of the department to ensure that credit unions maintain an adequate capital structure shall not be paid without the prior approval of the department. In such cases, the proposed dividend or interest may be paid after approval by the department upon its determination that such payment would be in the continued best interest of the credit union, would promote its stability, and would not impair its ability to repay its creditors other than its members and depositors.Amended by 2023 Ga. Laws 348,§ 15, eff. 7/1/2023.Amended by 2010 Ga. Laws 624,§ 7, eff. 6/3/2010.Amended by 2006 Ga. Laws 453,§ 7, eff. 4/14/2006.Amended by 2005 Ga. Laws 160,§ 20, eff. 5/5/2005.