11-11-69. Purpose of capital reserve fund requirements.
52 words·~1 min read·
/sd/title-11/chapter-11-11/11-11-69·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To assure the continued operation and solvency of the authority for the carrying out of its corporate purposes, provision is made in §§ 11-11-70 to 11-11-75 , inclusive, for the accumulation in each capital reserve fund created thereunder of an amount equal to the maximum capital reserve fund requirement for such fund.