In addition to the regular reserve account, special reserves to protect the interest of members must be established:

1. (1) when required by regulation; or
2. (2) when found by the board of directors of the credit union or by the department of administration to be necessary.

History: En. 14-663 by Sec. 63, Ch. 38, L. 1975; R.C.M. 1947, 14-663; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 97, Ch. 483, L. 2001; amd. Sec. 39, Ch. 237, L. 2003.