6.2-1378 - (Effective October 1, 2010) Use of reserves. - Virginia Statutes

§ 6.2-1378. (Effective October 1, 2010) Use of reserves.

Losses may be charged to the reserve fund. Any sums recovered on itemspreviously charged to it shall be credited to the reserve fund. No dividendsshall be paid out of the reserve fund unless the fund, after such payment,exceeds the total amount required to be set aside in the regular reserve andspecial reserves of the credit union.

(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, § 6.1-225.59; 2010, c. 794.)