Code of Federal Regulations · Section
§ 1239.33 — Dividends
12 C.F.R. § 1239.33
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A Bank's board of directors may not declare or pay a dividend based on projected or anticipated earnings and may not declare or pay a dividend if the par value of the Bank's stock is impaired or is projected to become impaired after paying such dividend.
Authorizing Statute
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Capital structure of Federal home loan banks12 U.S.C. § 1426