17-5209. Expense fund for incorporation and organization.
17-5209
17-5209. Expense fund for incorporation and organization.
The incorporators shall create an expense fund in an amount not less
than one-half of the minimum capital required to be paid in under this act,
from which expense fund the expenses of organizing the association and its
operating expenses may be paid until such time as its earnings are
sufficient to pay its operating expenses in addition to such dividends as
may be declared and credited to its shareholders from its earnings. The
incorporators shall deposit to the credit of the association in cash the
amount of the expense fund. The amounts contributed to the expense fund by
the incorporators shall not constitute a liability of the association
except as hereinafter provided.
History: L. 1943, ch. 133, § 10; July 1.