N.Y. Comp. Codes R. & Regs. tit. 3 § 120.1
Current through Register Vol. 46, No. 43, October 23, 2024
For purposes of Article III of the Banking Law, the term undivided profits includes paid-in or earned profits (unearned income must be deducted); reserves for loan losses or bad debts; valuation reserves for securities; and reserves for contingencies. It does not include reserves for dividends declared or reserves for taxes, interest and expenses.
N.Y. Comp. Codes R. & Regs. Tit. 3 § 120.1