§ 420-d. Capital stock; advance premiums; other fiscal provisions. 1.\nThe fund shall have a capital stock of one hundred million dollars which\nshall be divided into shares of one hundred dollars each. Each member\nsavings and loan association whose accounts are insured under this\narticle shall subscribe and pay for such stock in an amount equal to one\npercentum of its savings accounts at the time of admission to the fund\nand shall make annual adjustments to maintain such ratio.\n 2. Each savings and loan association at the time it becomes a member\nof the fund shall pay an advance premium to the fund in an amount equal\nto one percentum of the savings and loan association's savings accounts,\nsaid premium to be maintained at a one per cent level by annual\nadjustments thereof until such time as the reserves of the fund are in\nexcess of two and one-half percentum of the aggregate of the savings\naccounts of its members, whereupon such excess shall be applied at the\nend of the fiscal year on a pro-rata basis to the reduction of the\nadvance premiums or to the payment of current premiums at the discretion\nof the trustees.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.