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This entry was published on 2014-09-22
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Capital stock; advance premiums; other fiscal provisions
§ 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.