Section 386:9 Guaranty Funds.
Every mutual savings bank shall annually pass to the credit of a guaranty fund a sum equal to 10 percent of its net earnings for the year until such guaranty fund shall amount to a sum equal to 5 percent of its deposits. Any savings bank may increase such guaranty fund to such an amount as the trustees may determine to be for the best interests of the depositors, but no part of the guaranty fund shall be used to pay dividends.
Source. 1874, 71:5. GL 170:13. PS 165:16. 1899, 74:1. PL 261:18. RL 309:10. 1947, 28:1, eff. March 12, 1947.