y association by resolution of its board of directors may irrevocably establish all or any part of any reserve or surplus account for the sole purpose of absorbing losses; provided, however, that, except in the case of reserve or surplus accounts which were available prior to the adoption of such resolution for the purpose (either solely or among other things) of absorbing losses, the written consent of the commissioner shall first be obtained. If prior to the adoption of such resolution (a) the reserve or surplus account so established for the sole purpose of absorbing losses was available for the purpose (either solely or among other things) of absorbing losses, and (b) such reserve or surplus account constituted all or a part of, or counted toward, the investment certificate and withdrawable share reserve referred to in Section 113108, the loan reserve or the stock surplus referred to in Section 133103, or any other reserve or surplus account required by or referred to in this act, then such reserve or surplus account (excepting such part, if any, as may be

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absorbed by losses) shall continue to constitute all or a part of, or to be counted toward, such reserve or surplus account required by or referred to in this act.

SOURCE: GC §41503.