17-5209.   Expense fund for incorporation and organization.The incorporators shall create an expense fund in an amount not lessthan 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 itsoperating expenses may be paid until such time as its earnings aresufficient to pay its operating expenses in addition to such dividends asmay be declared and credited to its shareholders from its earnings. Theincorporators shall deposit to the credit of the association in cash theamount of the expense fund. The amounts contributed to the expense fund bythe incorporators shall not constitute a liability of the associationexcept as hereinafter provided.

      History:   L. 1943, ch. 133, § 10; July 1.