N.Y. Banking Law § 438: Surplus account

§ 438. Surplus account. 1. The savings and loan bank shall accumulate

from its profits a surplus account by carrying thereto annually a sum

equal to one-half of one per centum of its capital, until such surplus

account shall be equal to at least fifteen per centum of its capital.

2. The guaranty fund on June thirtieth, nineteen hundred thirty-nine

shall be transferred to the surplus account and shall constitute the

surplus account at that date.