{"data":{"id":"us/12-cfr-1239.33","jurisdiction":"us","citation":"12 CFR 1239.33","heading":"Dividends.","body":"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.","path":["Title 12—Banks and Banking","CHAPTER XII—FEDERAL HOUSING FINANCE AGENCY","SUBCHAPTER B—ENTITY REGULATIONS","PART 1239—RESPONSIBILITIES OF BOARDS OF DIRECTORS, CORPORATE PRACTICES, AND CORPORATE GOVERNANCE","Subpart E—Bank Specific Requirements"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"4c2cca66ab364f8801befbf859cf6b6b2a65e21ba941a2bfe3a3ee1a5afc9444","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-1239.32","next":"us/12-cfr-1240.1"},"notice":"GroundRules: Original legal text. Not legal advice."}