New York Laws
Article 10 - Savings and Loan Associations
385 - Surplus Account.

§ 385. Surplus account. Every savings and loan association shall
accumulate and maintain a surplus account as provided in section three
hundred eighty-seven of this article. Such surplus account up to ten per
centum of the association's capital shall not be available for any
purpose, except with the prior written approval of the superintendent;
but any such association may: (a) charge against such surplus account
any losses or expenses without such approval only in the event such
association has no undivided profits against which such losses or
expenses may be charged or (b) may, with the prior written approval of
the superintendent, transfer any part of such surplus account to any
other account for any purpose. Such account may be created or increased
by contributions and by transfers from undivided profits or from net
profits.

Structure New York Laws