Section 420-H. Premiums on insurance

1. Each savings and loan association
  whose application for insurance  is  approved  by  the  fund  shall  pay
  required  advance  premiums to the fund, as well as a premium charge for
  such insurance equal to one-twelfth of  one  per  centum  of  the  total
  amount  of  all  savings  accounts of such institution plus any creditor
  obligations of such institution. Such premiums shall be paid at the time
  the certificate is  issued  by  the  fund  under  section  four  hundred
  twenty-g  of this article, and thereafter annually until the reserves of
  the fund equal two and one-half per centum of all  savings  accounts  of
  all  members;  except that under regulations prescribed by the fund such
  premium charge may be paid semiannually. If at any  time  such  reserves
  fall  below such two and one-half per centum, the payment of such annual
  premium charge for insurance shall be resumed  and  shall  be  continued
  until the reserves are brought back to such two and one-half per centum.
  For  the  purposes  of  this  subdivision, the amount in all accounts of
  insured  members  and  the  amount  of  creditor  obligations   of   any
  institution  may  be determined from adjusted statements made within one
  year prior to the approval of the application of such savings  and  loan
  association  for  insurance,  or in such other manner as the fund may by
  rules and regulations prescribe.
    2. The fund is further  authorized  to  assess  against  each  insured
  savings and loan association additional premiums for insurance until the
  amount  of such premiums equals the amount of all losses and expenses of
  the fund; except that the total amount  so  assessed  in  any  one  year
  against   any  such  savings  and  loan  association  shall  not  exceed
  one-eighth of one per centum of the total amount of its savings accounts
  and its creditor obligations.