Section 58-10-70 - Use of surplus accounts and expense fund contributions

At any closing date, any association may use all or any part of any surplus accounts, whether earned or paid in, or any expense fund contributions on its books at the time, to meet all or any part of the expenses of operating the association for the period just closed, required transfers to loss reserves or the payment or credit of dividends declared on savings accounts. History: 1953 Comp., § 48-15-113, enacted by Laws 1967, ch. 61, § 69. ANNOTATIONSCross references. — For the date when an association must close its books, see 58-10-67 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 40. 9 C.J.S. Banks and Banking § 466.