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Statutes » New York » BNK Law » Article 10-B

N.Y. BNK Law § 438

This is the official text of N.Y. BNK Law § 438, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.

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Surplus account

Official statutory text

§ 438. Surplus account. 1. The savings and loan bank shall accumulate\nfrom its profits a surplus account by carrying thereto annually a sum\nequal to one-half of one per centum of its capital, until such surplus\naccount shall be equal to at least fifteen per centum of its capital.\n 2. The guaranty fund on June thirtieth, nineteen hundred thirty-nine\nshall be transferred to the surplus account and shall constitute the\nsurplus account at that date.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.