Section 438. Surplus account

Latest version.

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.

                    
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