Section 394-B:49 Regular Reserves.
At the end of each quarterly reporting period, a transfer from current earnings shall be made to the regular reserve as set forth in Title 12 of the Code of Federal Regulations, Part 702 Prompt Corrective Action (PCA). In the event that current earnings are incapable of providing the required transfer, undivided earnings shall be utilized to augment the amount transferred from current earnings. The credit union shall notify the commissioner within 30 days of any required transfers made from undivided earnings to the regular reserve. Prior approval of the commissioner is required before any disbursements from the regular reserve.
Source. 1983, 195:1. 2003, 164:7, eff. Aug. 16, 2003.