2009 Washington Code
Title 31 - Miscellaneous loan agencies
Chapter 31.20 - Development credit corporations.
31.20.100 - Surplus reserve required.
Surplus reserve required.
A development credit corporation shall set apart a surplus of not less than ten percent of its net earnings in each and every year until such surplus, with any unimpaired surplus paid in, shall amount to one-half of the capital stock. The said surplus shall be kept to secure against losses and contingencies, and whenever the same becomes impaired it shall be reimbursed in the manner provided for its accumulation.
[1959 c 213 ยง 10.]
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