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Code · North Carolina · Chapter 54 — Cooperative Organizations

§ 54-109.87. Use of regular reserve.

62 words·~1 min read·/nc/chapter-54/54-109-87

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§ 54-109.87. Use of regular reserve.
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.)
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