§ 243. Surplus fund.
1.Every savings bank shall create a fund to be\nknown as a surplus fund. Such fund may be created or increased by\ncontributions made by the incorporators as provided in this article or\nby transfers from undivided profits or by transfers from earnings as\nrequired in this article. Such fund up to ten per centum of the amount\ndue depositors shall not be available for any purpose other than that\nspecified in subdivision two of this section, except with the prior\nwritten approval of the superintendent, provided that such fund shall be\navailable without such approval for the purpose of paying expenses or\nabsorbing losses only in the event such savings bank has no undivided\nprofits against which such expenses or losses may be charged.\n 2. Contributions of incorp
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§ 243. Surplus fund. 1. Every savings bank shall create a fund to be\nknown as a surplus fund. Such fund may be created or increased by\ncontributions made by the incorporators as provided in this article or\nby transfers from undivided profits or by transfers from earnings as\nrequired in this article. Such fund up to ten per centum of the amount\ndue depositors shall not be available for any purpose other than that\nspecified in subdivision two of this section, except with the prior\nwritten approval of the superintendent, provided that such fund shall be\navailable without such approval for the purpose of paying expenses or\nabsorbing losses only in the event such savings bank has no undivided\nprofits against which such expenses or losses may be charged.\n 2. Contributions of incorporators or trustees to the surplus fund may\nbe repaid pro rata in such amounts as will not reduce the surplus fund\nbelow five per centum of the amount due depositors, provided the written\napproval of the superintendent shall be required before any repayments\nmay be made that will reduce the surplus fund below the amount created\nat the time of incorporation of the savings bank. In case of the\nliquidation of the savings bank before the contributions to the surplus\nfund have been repaid, any portion of such contributions not needed for\nthe payment of the expenses of liquidation and the payment of depositors\nand creditors in full may be repaid to the contributors pro rata.\n 3. Contributions heretofore made by incorporators or trustees of any\nsavings bank to pay its expenses or to maintain its solvency, under an\nagreement with the superintendent that such contributions may be\nreturned whenever such return will not affect the solvency of such\nsavings bank or render it unsafe to continue business, may be returned\nin accordance with the provisions of such agreement.\n 4. The aggregate of the guaranty fund and expense fund of every\nsavings bank at the time this act takes effect shall constitute the\nsurplus fund at that date and shall thereafter be subject to all the\nprovisions of this article relating to surplus fund.\n