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This entry was published on 2014-09-22
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SECTION 458-A
Maintenance of reserves
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 458-a. Maintenance of reserves. A credit union shall contribute to
and maintain such net worth reserve categories as the superintendent
shall, by regulation, prescribe. Such regulations shall provide for a
system of maintaining net worth reserves that is comparable to that of
Title 12 U.S.C. section 1790(d) and any regulations promulgated by the
National Credit Union Administration thereunder, except as otherwise
deemed necessary by the superintendent in accordance with the
declaration of policy set forth in section ten of this chapter.