General Laws of Massachusetts - Chapter 172 Trust Companies - Section 34 Transfers to surplus reserve

Section 34. Every trust company shall within thirty days of the close of the calendar year transfer from net profits to its surplus account a sum equal to one-quarter of one per cent of the total amount of such company’s savings deposits as of such year end; provided, however, that such transfer shall not be required of any trust company whose surplus account at that time equals or exceeds the amount of its capital stock.

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Last modified: September 11, 2015