Washington State

Office of the Attorney General

Attorney General

Bob Ferguson

AGO 1952 NO. 340 >

It is not necessary that the contingent fund of a savings and loan association should have attained the ultimate requirement of 5% of the amount due savings members as prescribed by § 33.12.140 RCW, before reimbursement of contributions to the expense fund may be made.  However, the minimum semi-annual [[semiannual]]credits to the contingent fund prescribed by RCW 33.12.150 (§ 51, chapter 235, Laws of 1945), must have been made to the contingent fund and the expense fund itself built up from profits as the supervisor shall direct, before the incorporators may be reimbursed for their contributions to the expense fund.