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The Laws of New York
Consolidated Laws of New York
CHAPTER 2
Banking
ARTICLE 10-B
Savings and Loan Bank of the State of New York
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SECTION 437
Redemption of bonds and notes; procedure in event of default
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ARTICLE 10-B
Savings and Loan Bank of the State of New York
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SECTION 439
Membership; liability; transfer of shares
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SECTION 438
Surplus account
Banking (BNK) CHAPTER 2, ARTICLE 10-B
§ 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.