17-5210. Repayment of contributions made to expense fund.
17-5210
17-5210. Repayment of contributions made to expense fund.
Contributions made by the incorporators to the expense fund may be
repaid pro rata to the contributors from the net earnings of the
association for any dividend period after provision for statutory reserves
and declaration of dividends of not less than two percent per annum on
capital for such dividend period. In case of the liquidation of an
association before contributions to the expense fund have been repaid, any
contribution to the expense fund remaining unexpended, after the payment of
expenses of liquidation, all creditors, and the participation value of the
shares of all members, shall be repaid to the contributors pro rata. The
books of the association shall reflect the expense fund. Contributors to
the expense fund shall be paid dividends on the amounts paid in by them and
for such purpose such contributions shall in all respects be considered as
accounts of the association.
History: L. 1943, ch. 133, § 11; July 1.