The question is not about regulation that they wrote. There is something within the legal meaning of paying dividends 'out of funds legally available' obviously a corporation cannot pay dividends while in bankruptcy but why is that any different than a company that is in conservatorship? As many people will say including yourself and Calabria that conservatorship is a type administrative bankruptcy. There is something within that meaning 'out of funds legally available' for dividend payments to treasury that has not been researched by the dumb lawyers.
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