1. The incorporators of a mutual association shall also create an expense fund in an amount not less than one-half of the amount of initial accounts required by section 369.034 from which the expense of organizing the association and its operating expenses may be paid until such time as its net income is sufficient to pay such earnings as may be declared. The incorporators, before a certificate of incorporation is issued, shall pay to the chairman of the incorporators in cash the amount of the expense fund. The amounts contributed to the expense fund shall constitute loans to the association.

2. Contributions made to the expense fund may be repaid pro rata to the contributors from the net income of the association after provision for statutory reserves and payment of earnings on accounts. In case of the liquidation of an association before contributions to the expense fund have been repaid, any contributions to the expense fund remaining unexpended shall be repaid to the contributors pro rata after payment of all claims, including accounts, but before payment of reserves. Contributors to the expense fund shall be paid interest on the amounts contributed by them.

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3. This section shall not apply to an association which has obtained a firm commitment for insurance of its accounts from the Federal Deposit Insurance Corporation or any successor thereof or from any other insurer approved by the director of the division of finance.