§ 6.2-1377 Maintenance of regular reserves; special reserves
A. A credit union shall establish and maintain a regular reserve account in accordance with the applicable provisions of Part 702 of the National Credit Union Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through 702.403.
B. The Commission may increase or decrease the reserve requirement when in its opinion such an increase or decrease is necessary or desirable.
C. In addition to such regular reserve, special reserves shall be established when found by the board of directors of the credit union or by the Commission to be necessary to protect the interest of members.
D. Unless otherwise prohibited by the Commission, the board of directors of a credit union may establish the regular reserve in an amount in excess of that required by this section when in its opinion the increased amount is necessary or desirable.
History
The record of this law’s original creation isn’t available online. It has been modified 8 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 75; in 1966, chapter 584; in 1968, chapter 560; in 1984, chapter 410; in 1986, chapter 146; in 1990, chapter 373; in 2002, chapter 261; in 2010, chapter 794.
Code 1950, § 6-227; 1964, c. 75; 1966, c. 584, § 6.1-218; 1968, c. 560; 1984, c. 410; 1986, c. 146; 1990, c. 373, § 6.1-225.58; 2002, c. 261; 2010, c. 794.