Section 491.146 - “Retained earnings” defined. - Michigan Statutes

SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980

491.146 “Retained earnings” defined.

Sec. 146.

“Retained earnings” means:

(a) In the case of a stock association the accumulated gains and profits of the association, after deduction of all losses, that have not been distributed to members as earnings or dividends, transferred to stated capital or capital in excess of par, or applied to other purposes permitted by law.

(b) In the case of a mutual association the accumulated gains and profits of the association, after deduction of all losses, that have not been distributed or accrued for distribution to members as interest, set aside for or allocated to the general reserve account required by section 526, or set aside for or allocated to any specific reserve accounts created by the association or applied to other purposes permitted by law.

History: 1980, Act 307, Eff. Jan. 1, 1981