Common use of Dividends Noncumulative Clause in Contracts

Dividends Noncumulative. The right of holders of Series 1997-A ----------------------- Preferred Stock to receive dividends shall be noncumulative. Accordingly, if the board of directors or a duly authorized committee thereof does not declare a dividend to be payable in respect of any Dividend Period, the holders of shares of Series 1997-A Preferred Stock shall have no right to receive a dividend in respect of such Dividend Period, and the savings bank shall have no obligation to pay a dividend in respect of such Dividend Period, at any time thereafter, whether or not dividends are declared and payable in respect of any future Dividend Period.

Dividends Noncumulative. The right of holders of Series 1997-A ----------------------- Preferred Stock to receive dividends shall be noncumulative. Accordingly, if the board of directors or a duly authorized committee thereof does not declare a dividend to be payable in respect of any Dividend Period, the holders of shares of Series 1997-A Preferred Stock shall have no right to receive a dividend in respect of such Dividend Period, and the savings bank Company shall have no obligation to pay a dividend in respect of such Dividend Period, at any time thereafter, whether or not dividends are declared and payable in respect of any future Dividend Period.

Dividends Noncumulative. The right of holders of Series 1997-A ----------------------- Preferred Stock to receive dividends shall be noncumulative. Accordingly, if the board of directors or a duly authorized committee thereof does not declare a dividend to be payable in respect of any Dividend Period, the holders of shares of Series 1997-A Preferred Stock shall have no right to receive a dividend in respect of such Dividend Period, and the savings bank Company shall have no obligation to pay a dividend in respect of such Dividend Period, at any time thereafter, whether or not dividends are declared and payable in respect of any future Dividend Period.