17-5210.   Repayment of contributions made to expense fund.Contributions made by the incorporators to the expense fund may berepaid pro rata to the contributors from the net earnings of theassociation for any dividend period after provision for statutory reservesand declaration of dividends of not less than two percent per annum oncapital for such dividend period. In case of the liquidation of anassociation before contributions to the expense fund have been repaid, anycontribution to the expense fund remaining unexpended, after the payment ofexpenses of liquidation, all creditors, and the participation value of theshares of all members, shall be repaid to the contributors pro rata. Thebooks of the association shall reflect the expense fund. Contributors tothe expense fund shall be paid dividends on the amounts paid in by them andfor such purpose such contributions shall in all respects be considered asaccounts of the association.

      History:   L. 1943, ch. 133, § 11; July 1.