New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 69 - Mandatory Transfers To Surplus For Thrift Institutions Pursuant To Banking Law, Sections 244(3) And 387(1)
Section 69.2 - Credits to surplus account of savings and loan associations
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 69.2
Current through Register Vol. 46, No. 12, March 20, 2024
When the net profits of any savings and loan association have been determined at the close of an accounting period, if its surplus account does not equal 10 per centum of its capital, five per centum of such net profits shall be credited to its surplus account, or so much thereof less than five per centum as will make such surplus account equal to 10 per centum of its capital.
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