32-3-701. Investment of funds — rulemaking. (1) Funds not used in loans to members may be invested in: (a) securities, obligations, or other instruments issued by or fully guaranteed as to principal and interest by the United States of America or any agency of the United States government or in any trust established for investing directly or […]
32-3-702. Maintenance of regular reserve account. The department of administration may require a credit union to establish and maintain, at a certain level, a regular reserve account as a contingency to address potential losses. The department may rely on standards adopted by the national credit union administration (NCUA) in making any determination to require a credit […]
32-3-703. Use of regular reserve account. The regular reserve account belongs to the credit union and must be used to meet losses including, with prior approval of the department of administration, losses from the sale of investments or securities. The regular reserve account may not be used to meet losses resulting from an excess of expenses […]
32-3-704. Repealed. Sec. 3, Ch. 64, L. 2003; sec. 40, Ch. 237, L. 2003. History: En. 14-662 by Sec. 62, Ch. 38, L. 1975; R.C.M. 1947, 14-662; amd. Sec. 1, Ch. 4, L. 1991; amd. Sec. 42, Ch. 18, L. 1995.
32-3-705. Special reserves. In addition to the regular reserve account, special reserves to protect the interest of members must be established: (1) when required by regulation; or (2) when found by the board of directors of the credit union or by the department of administration to be necessary. History: En. 14-663 by Sec. 63, Ch. 38, L. 1975; R.C.M. […]
