6.2-1377 - (Effective October 1, 2010) Maintenance of regular reserves; special reserves. - Virginia Statutes

§ 6.2-1377. (Effective October 1, 2010) Maintenance of regular reserves;special reserves.

A. A credit union shall establish and maintain a regular reserve account inaccordance with the applicable provisions of Part 702 of the National CreditUnion Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through702.403.

B. The Commission may increase or decrease the reserve requirement when inits opinion such an increase or decrease is necessary or desirable.

C. In addition to such regular reserve, special reserves shall be establishedwhen found by the board of directors of the credit union or by the Commissionto be necessary to protect the interest of members.

D. Unless otherwise prohibited by the Commission, the board of directors of acredit union may establish the regular reserve in an amount in excess of thatrequired by this section when in its opinion the increased amount isnecessary or desirable.

(Code 1950, § 6-227; 1964, c. 75; 1966, c. 584, § 6.1-218; 1968, c. 560;1984, c. 410; 1986, c. 146; 1990, c. 373; 2002, c. 261;, § 6.1-225.58; 2010,c. 794.)