State Codes and Statutes

Statutes > New-york > Bnk > Article-10-a > 420-d

§ 420-d. Capital stock; advance premiums; other fiscal provisions.  1.  The fund shall have a capital stock of one hundred million dollars which  shall  be  divided  into shares of one hundred dollars each. Each member  savings and loan association  whose  accounts  are  insured  under  this  article shall subscribe and pay for such stock in an amount equal to one  percentum  of  its savings accounts at the time of admission to the fund  and shall make annual adjustments to maintain such ratio.    2. Each savings and loan association at the time it becomes  a  member  of  the fund shall pay an advance premium to the fund in an amount equal  to one percentum of the savings and loan association's savings accounts,  said premium to be  maintained  at  a  one  per  cent  level  by  annual  adjustments  thereof  until such time as the reserves of the fund are in  excess of two and one-half percentum of the  aggregate  of  the  savings  accounts  of  its members, whereupon such excess shall be applied at the  end of the fiscal year on a pro-rata  basis  to  the  reduction  of  the  advance premiums or to the payment of current premiums at the discretion  of the trustees.

State Codes and Statutes

Statutes > New-york > Bnk > Article-10-a > 420-d

§ 420-d. Capital stock; advance premiums; other fiscal provisions.  1.  The fund shall have a capital stock of one hundred million dollars which  shall  be  divided  into shares of one hundred dollars each. Each member  savings and loan association  whose  accounts  are  insured  under  this  article shall subscribe and pay for such stock in an amount equal to one  percentum  of  its savings accounts at the time of admission to the fund  and shall make annual adjustments to maintain such ratio.    2. Each savings and loan association at the time it becomes  a  member  of  the fund shall pay an advance premium to the fund in an amount equal  to one percentum of the savings and loan association's savings accounts,  said premium to be  maintained  at  a  one  per  cent  level  by  annual  adjustments  thereof  until such time as the reserves of the fund are in  excess of two and one-half percentum of the  aggregate  of  the  savings  accounts  of  its members, whereupon such excess shall be applied at the  end of the fiscal year on a pro-rata  basis  to  the  reduction  of  the  advance premiums or to the payment of current premiums at the discretion  of the trustees.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-10-a > 420-d

§ 420-d. Capital stock; advance premiums; other fiscal provisions.  1.  The fund shall have a capital stock of one hundred million dollars which  shall  be  divided  into shares of one hundred dollars each. Each member  savings and loan association  whose  accounts  are  insured  under  this  article shall subscribe and pay for such stock in an amount equal to one  percentum  of  its savings accounts at the time of admission to the fund  and shall make annual adjustments to maintain such ratio.    2. Each savings and loan association at the time it becomes  a  member  of  the fund shall pay an advance premium to the fund in an amount equal  to one percentum of the savings and loan association's savings accounts,  said premium to be  maintained  at  a  one  per  cent  level  by  annual  adjustments  thereof  until such time as the reserves of the fund are in  excess of two and one-half percentum of the  aggregate  of  the  savings  accounts  of  its members, whereupon such excess shall be applied at the  end of the fiscal year on a pro-rata  basis  to  the  reduction  of  the  advance premiums or to the payment of current premiums at the discretion  of the trustees.

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