The board of directors may apportion the profits of the association as the bylaws may prescribe, and each apportionment shall be made in accordance with the following procedure:

1. 1. Proper allocation first shall be made to accrued interest on accounts.
2. 2. Proper allocation then shall be made to any reserves required by law or the deputy director.
3. 3. Additional allocations then may be made to such special reserves as the board of directors may have established.
4. 4. Dividends then may be declared if the bylaws so provide on shares of guaranty capital, in accordance with this chapter.
5. 5. The residue of such profits may be held as undivided profits.