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Declaration of dividend

Every subsidiary savings association of a savings and loan holding company shall give the Board not less than 30 days’ advance notice of the proposed declaration by its directors of any dividend on its guaranty, permanent, or other nonwithdrawable stock. Such notice period shall commence to run from the date of receipt of such notice by the Board. Any such dividend declared within such period, or without the giving of such notice to the Board, shall be invalid and shall confer no rights or benefits upon the holder of any such stock.

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statutes/12/1467a.yaml

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Rules

qualified_thrift_investment_percentage_threshold

Parameter

source: 12 USC 1467a(m)

- name: qualified_thrift_investment_percentage_threshold
  kind: parameter
  dtype: Rate
  source: 12 USC 1467a(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: qualified thrift investments equal or exceed 65 percent
  versions:
    - effective_from: '0001-01-01'
      formula: '0.65'

qualified_thrift_monthly_average_required_months

Parameter

source: 12 USC 1467a(m)

- name: qualified_thrift_monthly_average_required_months
  kind: parameter
  dtype: Count
  source: 12 USC 1467a(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: on a monthly average basis in 9 out of every 12 months
  versions:
    - effective_from: '0001-01-01'
      formula: '9'

qualified_thrift_lender

Derived

source: 12 USC 1467a(m)

- name: qualified_thrift_lender
  kind: derived
  entity: SavingsAssociation
  dtype: Judgment
  period: Month
  source: 12 USC 1467a(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/1467a
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: 65 percent
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: 9 out of every 12 months
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        qualifies_as_domestic_building_and_loan_association
        or (
          qualified_thrift_investments_divided_by_portfolio_assets >= qualified_thrift_investment_percentage_threshold
          and months_in_prior_twelve_meeting_monthly_average_requirement >= qualified_thrift_monthly_average_required_months
        )

qualified_stock_issuance_voting_stock_limit

Parameter

source: 12 USC 1467a(q)

- name: qualified_stock_issuance_voting_stock_limit
  kind: parameter
  dtype: Rate
  source: 12 USC 1467a(q)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than 15 percent of the outstanding voting stock
  versions:
    - effective_from: '0001-01-01'
      formula: '0.15'

qualified_stock_issuance

Derived

source: 12 USC 1467a(q)

- name: qualified_stock_issuance
  kind: derived
  entity: SavingsAndLoanHoldingCompany
  dtype: Judgment
  period: Day
  source: 12 USC 1467a(q)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/1467a
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than 15 percent
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        issuer_is_undercapitalized_savings_association_or_qualifying_holding_company

        and shares_are_previously_unissued_or_treasury_shares

        and all_shares_purchased_by_registered_savings_and_loan_holding_company

        and board_approved_purchase

        and entire_consideration_paid_in_cash

        and acquiring_company_voting_stock_share_after_issuance <=
        qualified_stock_issuance_voting_stock_limit

        and not more_than_one_issuer_director_represents_acquiring_company

        and transactions_with_acquiring_company_subject_to_section_1468

first_tier_report_penalty_daily_cap

Parameter

source: 12 USC 1467a(r)

- name: first_tier_report_penalty_daily_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than $2,000 for each day
  versions:
    - effective_from: '0001-01-01'
      formula: '2000'

second_tier_report_penalty_daily_cap

Parameter

source: 12 USC 1467a(r)

- name: second_tier_report_penalty_daily_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than $20,000 for each day
  versions:
    - effective_from: '0001-01-01'
      formula: '20000'

third_tier_report_penalty_fixed_daily_cap

Parameter

source: 12 USC 1467a(r)

- name: third_tier_report_penalty_fixed_daily_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than $1,000,000 or 1 percent of total assets
  versions:
    - effective_from: '0001-01-01'
      formula: '1000000'

third_tier_report_penalty_asset_share_cap

Parameter

source: 12 USC 1467a(r)

- name: third_tier_report_penalty_asset_share_cap
  kind: parameter
  dtype: Rate
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: 1 percent of total assets
  versions:
    - effective_from: '0001-01-01'
      formula: '0.01'

report_penalty_daily_cap

Derived

source: 12 USC 1467a(r)

- name: report_penalty_daily_cap
  kind: derived
  entity: SavingsAndLoanHoldingCompany
  dtype: Money
  period: Day
  unit: USD
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/12/1467a
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: $2,000 ... $20,000 ... $1,000,000 or 1 percent
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if first_tier_report_violation_applies: first_tier_report_penalty_daily_cap else: if
        second_tier_report_violation_applies: second_tier_report_penalty_daily_cap else: if
        third_tier_report_violation_applies: min(third_tier_report_penalty_fixed_daily_cap,
        total_assets * third_tier_report_penalty_asset_share_cap) else: 0

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us/statute/12/1467a/f — Declaration of dividend · Axiom

Declaration of dividend

Official source

in view

Whole section

▸rulespec code

Shown source

statutes/12/1467a.yaml

Displaying the canonical repository encoding.

This encoding covers the parent provision us/statute/12/1467a; no dedicated encoding exists for this exact provision yet.

View on GitHub

Rules

qualified_thrift_investment_percentage_threshold

Parameter

source: 12 USC 1467a(m)

- name: qualified_thrift_investment_percentage_threshold
  kind: parameter
  dtype: Rate
  source: 12 USC 1467a(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: qualified thrift investments equal or exceed 65 percent
  versions:
    - effective_from: '0001-01-01'
      formula: '0.65'

qualified_thrift_monthly_average_required_months

Parameter

source: 12 USC 1467a(m)

- name: qualified_thrift_monthly_average_required_months
  kind: parameter
  dtype: Count
  source: 12 USC 1467a(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: on a monthly average basis in 9 out of every 12 months
  versions:
    - effective_from: '0001-01-01'
      formula: '9'

qualified_thrift_lender

Derived

source: 12 USC 1467a(m)

- name: qualified_thrift_lender
  kind: derived
  entity: SavingsAssociation
  dtype: Judgment
  period: Month
  source: 12 USC 1467a(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/1467a
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: 65 percent
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: 9 out of every 12 months
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        qualifies_as_domestic_building_and_loan_association
        or (
          qualified_thrift_investments_divided_by_portfolio_assets >= qualified_thrift_investment_percentage_threshold
          and months_in_prior_twelve_meeting_monthly_average_requirement >= qualified_thrift_monthly_average_required_months
        )

qualified_stock_issuance_voting_stock_limit

Parameter

source: 12 USC 1467a(q)

- name: qualified_stock_issuance_voting_stock_limit
  kind: parameter
  dtype: Rate
  source: 12 USC 1467a(q)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than 15 percent of the outstanding voting stock
  versions:
    - effective_from: '0001-01-01'
      formula: '0.15'

qualified_stock_issuance

Derived

source: 12 USC 1467a(q)

- name: qualified_stock_issuance
  kind: derived
  entity: SavingsAndLoanHoldingCompany
  dtype: Judgment
  period: Day
  source: 12 USC 1467a(q)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/12/1467a
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than 15 percent
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        issuer_is_undercapitalized_savings_association_or_qualifying_holding_company

        and shares_are_previously_unissued_or_treasury_shares

        and all_shares_purchased_by_registered_savings_and_loan_holding_company

        and board_approved_purchase

        and entire_consideration_paid_in_cash

        and acquiring_company_voting_stock_share_after_issuance <=
        qualified_stock_issuance_voting_stock_limit

        and not more_than_one_issuer_director_represents_acquiring_company

        and transactions_with_acquiring_company_subject_to_section_1468

first_tier_report_penalty_daily_cap

Parameter

source: 12 USC 1467a(r)

- name: first_tier_report_penalty_daily_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than $2,000 for each day
  versions:
    - effective_from: '0001-01-01'
      formula: '2000'

second_tier_report_penalty_daily_cap

Parameter

source: 12 USC 1467a(r)

- name: second_tier_report_penalty_daily_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than $20,000 for each day
  versions:
    - effective_from: '0001-01-01'
      formula: '20000'

third_tier_report_penalty_fixed_daily_cap

Parameter

source: 12 USC 1467a(r)

- name: third_tier_report_penalty_fixed_daily_cap
  kind: parameter
  dtype: Money
  unit: USD
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: not more than $1,000,000 or 1 percent of total assets
  versions:
    - effective_from: '0001-01-01'
      formula: '1000000'

third_tier_report_penalty_asset_share_cap

Parameter

source: 12 USC 1467a(r)

- name: third_tier_report_penalty_asset_share_cap
  kind: parameter
  dtype: Rate
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: 1 percent of total assets
  versions:
    - effective_from: '0001-01-01'
      formula: '0.01'

report_penalty_daily_cap

Derived

source: 12 USC 1467a(r)

- name: report_penalty_daily_cap
  kind: derived
  entity: SavingsAndLoanHoldingCompany
  dtype: Money
  period: Day
  unit: USD
  source: 12 USC 1467a(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/12/1467a
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/12/1467a
            excerpt: $2,000 ... $20,000 ... $1,000,000 or 1 percent
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if first_tier_report_violation_applies: first_tier_report_penalty_daily_cap else: if
        second_tier_report_violation_applies: second_tier_report_penalty_daily_cap else: if
        third_tier_report_violation_applies: min(third_tier_report_penalty_fixed_daily_cap,
        total_assets * third_tier_report_penalty_asset_share_cap) else: 0