2006 South Dakota Code - 52-9-5 — General reserve account--Purpose--Minimum requirements.

     52-9-5.   General reserve account--Purpose--Minimum requirements. On or before any authorized closing date, after payment of or provision for all expenses, each association shall, before the declaration of a dividend for the period, transfer to a separate reserve account, which shall be set up for the sole purpose of absorbing losses, an amount equal to at least ten percent of its net earnings until the minimum general reserve levels are met at the specified anniversary dates from the date of the certificate of authority equal to the following percentages of the total of its savings account liability:

Percentage	Anniversary
1 1/4	fifth
2 1/2	tenth
3 3/4	fifteenth

and said general reserve accounts shall equal five percent at the twentieth anniversary and thereafter.

Source: SL 1967, ch 11, ch 5, § 5 (1).