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of the gross income of the credit union which that was accumulated | during the preceding dividend period, in the following manner: |
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| A. For credit unions in operation less than 4 years or | having assets of less than $500,000, 10% of gross income | until the guaranty fund shall equal equals 7% of the total | outstanding loans and risk assets of the credit union and | then 5% of the gross income until the guaranty fund shall | equal equals 10% of the total outstanding loans and risk | assets; or |
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| B. For credit unions in operation more than 4 years and | having assets of $500,000 or more, 10% of gross income until | the guaranty fund shall equal equals 4% of the total | outstanding loans and risk assets of the credit union and | then 5% of the gross income until the guaranty fund shall | equal equals 6% of the total outstanding loans and risk | assets. |
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| The superintendent may waive all or part of the payments required | under this subsection for good cause shown by a credit union. |
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| | Sec. 21. 9-B MRSA §832, sub-§5 is enacted to read: |
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| | 5.__Rulemaking.__The superintendent may adopt rules to | implement this section or vary the amount of the fund required | under this section.__Rules adopted pursuant to this subsection | are routine technical rules as defined in Title 5, chapter 375, | subchapter 2-A. |
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| | Sec. 22. 9-B MRSA §833, sub-§1, as amended by PL 1997, c. 398, Pt. L, | §8, is repealed. |
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| | Sec. 23. 9-B MRSA §833, sub-§1-A is enacted to read: |
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| | 1-A.__Time for payment of dividends; method.__At such | intervals as the board of directors may authorize and after | provision for the guaranty fund established pursuant to section | 832, the board of directors may declare a dividend to be paid at | different rates on different types of shares, at different rates | and maturity dates in the case of share certificates and at | different rates on different types of share draft accounts.__ | Dividends credited may be accrued on various types of shares, | share certificates and share draft accounts as authorized by the | board of directors. |
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| | Sec. 24. 9-B MRSA §833, sub-§2, as enacted by PL 1975, c. 500, §1, is | repealed. |
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