North Carolina § 54-71 Application of earnings; reserve fund

North Carolina Statutes

§ 54-71 — Application of earnings; reserve fund

North Carolina § 54-71

Ch. 54Cooperative Organizations

Art. 8Organization and Powers

Subch. IILAND AND LOAN ASSOCIATIONS

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Bluebook

N.C. Gen. Stat. § 54-71 (2026).

Text

The gross earnings of the association shall be ascertained annually, and there shall first be deducted therefrom the expenses incurred by the association for the preceding year and the balance thereof shall be set aside as a reserve fund for the payment of contingent losses, to an amount equal to two percent (2%) of the capital stock outstanding, and until such reserve fund equals twenty percent (20%) of the capital stock of such association. (1925, c. 223, s. 23.)

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The gross earnings of the association shall be ascertained annually, and there shall first be deducted therefrom the expenses incurred by the association for the preceding year and the balance thereof shall be set aside as a reserve fund for the payment of contingent losses, to an amount equal to two percent (2%) of the capital stock outstanding, and until such reserve fund equals twenty percent (20%) of the capital stock of such association. (1925, c. 223, s. 23.)