Section 9-329 – Priority of Claims
(a) In any distribution of assets on liquidation of a savings and loan association, the priority of claims is as follows: (1) In a mutual association: (i) General creditors and holders of savings deposit accounts; (ii) Holders of savings share accounts; and (iii) Contributors to the initial general reserve fund before June 1, 1986 and to the expense fund under […]
Section 9-328 – Allocation of Profits
(a) Subject to regulation of the Division Director, the board of directors of each savings and loan association shall allocate the profits of the association, at least annually, at the times the bylaws provide. (b) The board of directors of each savings and loan association shall: (1) In accordance with generally accepted accounting principles, determine gross income for […]