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U.S. Code, Title 12, Banks and Banking
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 1747d. Excess Earnings Used for Amortization of Original Investment
For all of the purposes of any insurance contract made pursuant to this subchapter, 50 per centum of the excess earnings, if any, for any operating year may be applied, in addition to the minimum annual return, to return on the outstanding investment but only to the extent that such application thereof does not result in an annual return of more than 5 per centum of the outstanding investment for such operating year, and the balance of any such excess earnings shall be applied, in addition to the minimum annual amortization charge, to amortization of the outstanding investment: Provided, That if in any preceding operating years the gross income shall have been less than the operating expenses, such excess earnings shall be applied to the extent necessary in whole or in part, first, to the reimbursement of the amount of the difference between such expenses (exclusive of any premium charges previously waived hereunder) and such income, and, second, to the payment of any premium charges previously waived hereunder.
(June 27, 1934, ch. 847, title VII, § 705, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277.)
Section Referred to in Other Sections
This section is referred to in section 1747l of this title.
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Chicago:
"U.S. Congress, Office of the Law Revision Counsel", "§ 1747d. Excess Earnings Used for Amortization of Original Investment," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed July 13, 2025, http://www.originalsources.com/Document.aspx?DocID=5A8PJA6HSVPDJIA.
MLA:
"U.S. Congress, Office of the Law Revision Counsel". "§ 1747d. Excess Earnings Used for Amortization of Original Investment." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 13 Jul. 2025. http://www.originalsources.com/Document.aspx?DocID=5A8PJA6HSVPDJIA.
Harvard:
"U.S. Congress, Office of the Law Revision Counsel", '§ 1747d. Excess Earnings Used for Amortization of Original Investment' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 13 July 2025, from http://www.originalsources.com/Document.aspx?DocID=5A8PJA6HSVPDJIA.
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