§ 33.193

There shall be a distribution of the profits or surplus of an association among the member shareholders as is prescribed by the association's bylaws. The board of directors of an association may declare a sum of not more than forty per cent of the net profits or surplus to be appropriated for a contingent or sinking fund, an unallocated reserve fund or a collective account as may be prescribed in the association's bylaws.(1949 Rev., S. 5302; P.A. 19-65, S. 8.)History: P.A. 19-65 replaced 'earnings' with 'surplus', replaced former provision re distribution of profits or earnings with provision re the authority of board of directors of an association to appropriate portion of the net profits or surplus and made technical changes.