Missouri Laws 369.134 – Reserve account required
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Terms Used In Missouri Laws 369.134
- Account: the monetary interest of the owner thereof in the deposit capital of an association and consists of the withdrawal value of such interest. See Missouri Laws 369.014
- Association: a savings and loan association or a savings association subject to the provisions of this chapter. See Missouri Laws 369.014
- Director of the division of finance: the chief officer of the division of finance. See Missouri Laws 369.014
Each association shall establish a general reserve account, for the purpose of absorbing losses, and such other reserves as the director of the division of finance may require. The association shall maintain the general reserve account at such amount, make such transfers to the general reserve account, other required reserves, and undivided profits at such times and in such manner as the director of the division of finance shall determine by regulation.