2015 New York Laws
BNK - Banking
Article 10 - (Banking) SAVINGS AND LOAN ASSOCIATIONS
385 - Surplus account.

 385.  Surplus  account.  Every  savings  and  loan association shall
  accumulate and maintain a surplus account as provided in  section  three
  hundred eighty-seven of this article. Such surplus account up to ten per
  centum  of  the  association's  capital  shall  not be available for any
  purpose, except with the prior written approval of  the  superintendent;
  but  any  such  association may: (a) charge against such surplus account
  any losses or expenses without such approval  only  in  the  event  such
  association  has  no  undivided  profits  against  which  such losses or
  expenses may be charged or (b) may, with the prior written  approval  of
  the  superintendent,  transfer  any  part of such surplus account to any
  other account for any purpose. Such account may be created or  increased
  by  contributions  and  by  transfers from undivided profits or from net
  profits.