Statute · New York Banking Law
N.Y. Banking Law § 438 — Surplus account
N.Y. Banking Law § 438
- Type
- Statute
- Source
- New York Banking Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 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.
Citator
N.Y. Banking Law § 438 — Surplus account is in force in the current edition of the Code, and nothing recorded condemns it.
§ 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.