N.Y. Banking Law § 438

§ 438. Surplus account. 1. The savings and loan bank shall accumulate\nfrom its profits a surplus account by carrying thereto annually a sum\nequal to one-half of one per centum of its capital, until such surplus\naccount shall be equal to at least fifteen per centum of its capital.\n 2. The guaranty fund on June thirtieth, nineteen hundred thirty-nine\nshall be transferred to the surplus account and shall constitute the\nsurplus account at that date.\n