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

§54‑71.  Application of earnings; reserve fund.

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