A. A corporate credit union shall establish and maintain a corporate reserve in accordance with the reserve requirements of the national credit union administration for federal corporate credit unions.

Terms Used In Arizona Laws 6-595

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporate credit union: means a credit union whose field of membership consists of other credit unions and organizations or associations owned by or composed of credit unions and corporations or associations that primarily serve credit unions. See Arizona Laws 6-501
  • Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101

B. A corporate credit union may make charges to the corporate reserve for losses on risk assets and to meet such other classes of losses as approved by the deputy director. A corporate credit union shall not distribute the corporate reserve except on liquidation of the credit union or in accordance with a plan approved by the deputy director.

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