(1) A credit union shall establish and maintain a regular reserve for contingencies. The Director of the Department of Consumer and Business Services may adopt rules prescribing:
- (a) Minimum net worth requirements for credit unions; and
- (b) Actions a credit union must take when the net worth of the credit union falls below the applicable minimum net worth requirement.
- (2) In addition to the regular reserve required in subsection (1) of this section, a credit union shall establish a reserve for loan losses in accordance with generally accepted accounting principles issued by the Financial Accounting Standards Board or a successor organization.
[1981 c.192 §38 (enacted in lieu of 723.632); 1995 c.319 §3; 2005 c.95 §10; 2009 c.234 §9]