As a prerequisite to the approval of any application for a permanent stock association, the incorporators must show to the satisfaction of the Supervisor of Savings and Loan Associations a paid-in surplus of not less than one-third (1/3) of the aggregate amount of the permanent capital stock required by this chapter. The paid-in surplus may be used in lieu of earnings to pay organization and operating expenses, dividends on savings accounts, and to meet any loss reserve requirements.
Section: Previous 23-37-302 23-37-303 23-37-304 23-37-305 23-37-306 23-37-307 23-37-308 23-37-309 23-37-310 23-37-311 23-37-312 23-37-313 23-37-314 23-37-315 NextLast modified: November 15, 2016