Code of Virginia § 6.2-1378. Use of reserves.
90 words·~1 min read·
/va/title-6-2/chapter-13/6-2-1378A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Losses may be charged to the reserve fund. Any sums recovered on items previously charged to it shall be credited to the reserve fund. No dividends shall 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 and special 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 .