12 CFR § 5.66 - Dividends payable in property other than cash.

---
identifier: "/us/cfr/t12/s5.66"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 5.66 - Dividends payable in property other than cash."
title_number: 12
title_name: "Banks and Banking"
section_number: "5.66"
section_name: "Dividends payable in property other than cash."
chapter_name: "COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY"
part_number: "5"
part_name: "RULES, POLICIES, AND PROCEDURES FOR CORPORATE ACTIVITIES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1  24a, 35, 93a, 214a, 215, 215a, 215a-1, 215a-2, 215a-3, 215c, 371d, 481, 1462a, 1463, 1464, 1817(j), 1831i, 1831u, 2901  3101  3907, and 5412(b)(2)(B)."
regulatory_source: "61 FR 60363, Nov. 27, 1996, unless otherwise noted."
cfr_part: "5"
---


# 5.66 Dividends payable in property other than cash.

In addition to cash dividends, directors of a national bank may declare dividends payable in property, with the approval of the OCC. A national bank must submit a request for prior approval of a noncash dividend to the appropriate OCC licensing office. The dividend is equivalent to a cash dividend in an amount equal to the actual current value of the property, regardless of whether the book value is higher or lower under GAAP. Before the dividend is declared, the bank should show the difference between actual value and book value on the books of the national bank as a gain or loss, as applicable, and the dividend should then be declared in the amount of the actual current value of the property being distributed.

[85 FR 80469, Dec. 11, 2020]