The regular reserve shall belong to the credit union and shall be used to meet contingencies or losses in its business. The regular reserve shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the Board of Financial Institutions.
Permissible use of reserve; effect of liquidation of credit union
S.C. Code Ann. § 34-26-1110, under Title 34, Chapter 26.
S.C. Code Ann. § 34-26-1110