54-109.86. Transfers to regular reserve. (a) At the end of each accounting period the gross income shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and against such other losses as may be specified in regulations prescribed pursuant to law, sums in accordance with the […]
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 […]
54-109.88. "Risk assets" defined. For the purpose of establishing the reserves required by G.S. 54-109.86, all assets except the following shall be considered risk assets: (1) Cash on hand. (2) Deposits and shares in federal or State banks, savings and loan associations, and credit unions. (3) Assets which are issued by, fully guaranteed as to […]
