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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 170 CO-OPERATIVE BANKS
  • Section 20A Computation and rate of dividends and interest

Section 20A. Dividends and interest shall be at such rate as the directors determine and, if the directors so determine, may be computed as if such dividends had been declared and paid at uniform intervals, daily or otherwise, within the dividend period and the amount so paid for each such interval had been added to deposits for the succeeding interval.

There shall be credited to each savings account of twenty-five dollars or more at every distribution date applicable to savings interest on such rate basis as the directors from time to time may determine, computed without regard to fractions of a dollar; provided, however, that interest shall not be credited on amounts withdrawn between distribution dates. Interest shall be credited upon amounts deposited from and after the bank day next following, and may be credited upon amounts deposited within ten days subsequent to the preceding bank day, or with the approval of the commissioner may be credited from the date of deposit. Additional interest may be credited on deposits in savings accounts designated as special notice accounts. Interest or dividends on term deposits shall be paid at such rates, at such times, and in such manner as may be provided for in the agreement under which such term deposits were received.

Any savings deposits may be received in a separate class of account on which interest shall be credited at the time when, and for the same distribution period as that for which, any ordinary interest is credited. Interest on such accounts shall be credited at the distribution date from the day of deposit to the day of withdrawal on sums withdrawn before the distribution date, so long as the account in which such sums were on deposit shall remain open until the distribution date with a balance of at least ten dollars; and from the date of deposit to the distribution date on all sums remaining on deposit on such date.