§ 31501. Net worth Every Vermont credit union shall establish and maintain adequate levels of net worth pursuant to standards established by the Commissioner, as amended from time to time. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 31502. Regular reserve account (a) Every credit union shall accumulate and maintain a regular reserve account which shall be held to meet losses until the credit union is dissolved, when it may be distributed among the members. The regular reserve account shall be accumulated and regulated pursuant to standards established by the Commissioner, as […]
§ 31503. Allowance for loan and lease loss (a) An allowance for loan and lease loss account shall be established and maintained in an amount that represents the current estimated loss on loans and leases. The allowance for loan and lease loss account requirement shall be computed and adjusted through the provision for loan and […]
§ 31504. Unrealized gain or loss on available for sale securities (a) An unrealized gain or loss on available for sale securities account shall be established and maintained in an amount that represents the current estimated gain or loss on investments. (b) Changes to the allowance for unrealized gain or loss on securities account resulting […]
§ 31505. Additional or special reserves If the Commissioner determines that any reserve account is inadequate for any reason, he or she may require the establishment of such additional or special reserves as he or she deems necessary for the protection of the members. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 31506. Dividends to shareholders; conditions precedent (a) The governing body of any credit union may declare a dividend from the credit union’s current period undivided earnings, which dividend shall be calculated as provided in this subchapter for any period determined by the governing body. (b)(1) The governing body may declare a dividend from the […]
§ 31507. Standards For purposes of this subchapter, in the absence of standards otherwise prescribed by the Commissioner, a credit union shall follow the standards established by the National Credit Union Administration (NCUA). In the event standards established by the NCUA require the credit union to accumulate or maintain accounts in an amount in excess […]
