Nebraska Statutes 21-17,103. Transfer to regular reserve account
Current as of: 2023 | Check for updates
|
Other versions
(1) Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined. From this amount there shall be set aside as a regular reserve account for contingencies an amount as set forth in 12 C.F.R. § 702.
Terms Used In Nebraska Statutes 21-17,103
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- Credit union: shall mean a cooperative, nonprofit corporation organized under the Credit Union Act for purposes of educating and encouraging its members in the concept of thrift, creating a source of credit for provident and productive purposes, and carrying on such collateral activities as are set forth in the act. See Nebraska Statutes 21-1705
- Director: shall mean the Director of Banking and Finance. See Nebraska Statutes 21-1707
(2) The director may at any time require the credit union to increase the amount set aside in a regular reserve account pursuant to subsection (1) of this section or to establish a special reserve account if, in the judgment of the director, the financial condition of the credit union warrants such action.