N.J.S.A. 17:12B-132 — Restrictions upon reserves and undivided profits account

17:12B-132. Restrictions upon reserves and undivided profits account The aggregate amount of all reserve and undivided profits accounts of any association shall not be increased so long as the aggregate amount of such accounts exceeds an amount equal to 25% of an association's assets, except with the approval of the commissioner. If at any time the amount of the general reserve account of an association exceeds 25% of its assets, the excess may, with the approval of the commissioner, be transferred to the undivided profits account. L.1963, c.144, s. 132.

This is the verbatim text of N.J.S.A. 17:12B-132, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.