PART VI. RESERVE ALLOCATIONS
§412:10-600 Regular reserve. (a) At the end of each accounting period and before the payment of any dividend, each credit union shall set aside from its gross earnings the following reserve against contingencies:
(b) Whenever a credit union's regular reserve account falls below the percentages required by this section, the credit union shall notify the commissioner and shall make up the deficiency by regular contributions in such amounts as may be needed to maintain the required level.
(c) The commissioner may decrease or waive entirely the reserve requirement for an individual credit union in one or more accounting periods when in the commissioner's opinion such a decrease is necessary or desirable.
(d) The regular reserve shall belong to the credit union and shall be used to meet losses on risk assets and to meet such other classes of losses as are approved by the commissioner. The regular reserve shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the commissioner. [L 1993, c 350, pt of §1]