Laws of North Carolina (Last Updated: May 12, 2015) |
Chapter54. Cooperative Organizations. |
SubchapterIII. CREDIT UNIONS |
Article14J. Reserve Allocations |
§54-109.87. Use of regular reserve
Latest version.
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The regular reserve shall belong to the credit union and shall be used to meet losses except those resulting from an excess of expenses over income and shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the Administrator of Credit Unions.
(1975, c. 538, s. 1.)