ยง 438. Surplus account. 1. The savings and loan bank shall accumulate
from its profits a surplus account by carrying thereto annually a sum
equal to one-half of one per centum of its capital, until such surplus
account shall be equal to at least fifteen per centum of its capital.
2. The guaranty fund on June thirtieth, nineteen hundred thirty-nine
shall be transferred to the surplus account and shall constitute the
surplus account at that date.
Structure New York Laws
Article 10-B - Savings and Loan Bank of the State of New York
432 - Incorporation; Organization Certificate.
434 - When Corporate Existence Begins; Conditions Precedent to Commencing Business.
437 - Redemption of Bonds and Notes; Procedure in Event of Default.
439 - Membership; Liability; Transfer of Shares.
440 - Commissions and Payment of Expenses.
441 - Qualifications and Disqualification of Directors; Oath of Directors.
442 - Number of Directors; Filling of Vacancies; Change of Number.