6-595. Reserves
88 words·~1 min read·
/az/title-6/6-595A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A corporate credit union shall establish and maintain a corporate reserve in accordance with the reserve requirements of the national credit union administration for federal corporate credit unions.
B. A corporate credit union may make charges to the corporate reserve for losses on risk assets and to meet such other classes of losses as approved by the deputy director. A corporate credit union shall not distribute the corporate reserve except on liquidation of the credit union or in accordance with a plan approved by the deputy director.