Section 491.114 - “Capital in excess of par” defined.
SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980
491.114 “Capital in excess of par” defined.
Sec. 114.
“Capital in excess of par” means the net worth of a stock association other than the following: its stated capital, its retained earnings, and its liabilities arising from the issuance of capital notes, bonds, or debentures under section 516.
History: 1980, Act 307, Eff. Jan. 1, 1981