The gross earnings of a savings association shall be ascertained at least annually on an accrual basis according to generally accepted accounting principles. The expenses of an association shall be paid first from its gross earnings, then from earned surplus and finally from capital surplus. With the prior approval of the Director of the Department of Consumer and Business Services, expenses may be paid from stated capital or from any expense fund of a mutual association. [Formerly 722.145]
Section: Previous 722.122 722.124 722.125 722.130 722.132 722.134 722.135 722.136 722.138 722.140 722.142 722.145 722.147 722.148 722.150 NextLast modified: August 7, 2008