KRS 286.6-325: Dividends -- Approval of commissioner required prior to payment.

(1) At such intervals and for such periods as the board of directors may authorize, and

after provision for the required reserves, the board of directors may declare

dividends to be paid on shares and share certificates from net earnings. Prior

approval of the commissioner shall be required for the payment of dividends in

excess of net earnings, except that if the excess is less than one percent (1%) of

undivided earnings prior approval shall not be required.

(2) Dividends may be paid at various rates, or not p aid at all, with due regard to the

conditions that pertain to each class of share.