Common use of PAYMENT OF DIVIDENDS AND REPURCHASE OF STOCK Clause in Contracts

PAYMENT OF DIVIDENDS AND REPURCHASE OF STOCK. The Bank and the Stock Holding Company may declare dividends or make other capital distributions or repurchase stock in accordance with applicable laws and regulations. In accordance with applicable law, and the regulations and policies of the OTS, the Mutual Holding Company may waive its right to receive dividends declared to it by the Stock Holding Company.

PAYMENT OF DIVIDENDS AND REPURCHASE OF STOCK. The Bank and the Stock Holding Company may declare dividends or make other capital distributions or repurchase stock in accordance with applicable laws and regulations. In accordance with applicable law, and the regulations and policies of the OTSOTS and the Federal Deposit Insurance Corporation, the Mutual Holding Company may waive its right to receive dividends declared to it by the Stock Holding Company.