A. Subject to the restrictions set forth in this section and the association's bylaws, an association from time to time may determine the term, rate and amount of interest to be paid on accounts, and for that purpose may establish reasonable classifications of accounts, based on any of the following:
1. The types or classes of such accounts.
2. The length of time accounts are continued in effect.
3. The size of initial payments on accounts.
4. The minimum balances of accounts during apportionment periods.
5. The frequency and extent of the activity of accounts.
6. Such other classifications as the superintendent may approve, and the superintendent is authorized to prepare model plans of classifications for adoption by associations.
B. An association shall determine the method of calculating the amount of interest on accounts, and the date on which the interest is to be declared or credited, but no payment or credit shall be made more than ten days before the end of any apportionment period, except upon a matured bonus plan account or as approved by rules of the superintendent.
C. Dividends may be declared and paid on shares of guaranty capital as permitted from time to time by the laws governing corporations organized in this state, except that dividends payable other than in the association's own stock may be paid out as a distribution, as defined in section 10-140, only with the approval of the superintendent or as approved by rules of the superintendent.