As soon as practicable after the close of each fiscal year during its first 10 years of operation, each mutual bank shall credit to surplus at least 10 percent of its net earnings before interest for the preceding fiscal year. At the close of each fiscal year thereafter, each mutual bank shall credit to surplus a proportion of its net earnings for the preceding fiscal year, not exceeding 10 percent, as the department may prescribe by regulation. These credits to surplus shall be made only until surplus equals 12 percent of deposit liabilities. Thereafter and so long as surplus equals 12 percent of deposit liabilities the mutual bank may credit further amounts to surplus as it may determine.
Section: Previous 06.15.150 06.15.160 06.15.170 06.15.180 06.15.190 06.15.210 06.15.220 06.15.230 06.15.240 06.15.250 06.15.260 06.15.270 06.15.280 NextLast modified: November 15, 2016