6-581. Transfers to regular reserve
81 words·~1 min read·
/az/title-6/6-581A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. At the end of each accounting period, but not less frequently than quarterly, the credit union shall set aside, as a regular reserve against losses, amounts in accordance with the schedule set by the share insuring organization. The credit union shall set aside the amounts before the declaration or payment of any dividends.
B. The board of directors may increase, or if the reserve equals or exceeds the requirement prescribed in subsection A, decrease, the amount to be set aside.