Kentucky Statutes 286.6-625 – Special reserves
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In addition to such regular reserve, special reserves to protect the interest of members shall be established when required by regulation, or when found by the board of directors of the credit union or by the commissioner, in any special case, to be necessary for that purpose.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 741, effective July 15, 2010. — Created
1984 Ky. Acts ch. 408, sec. 63, effective July 13, 1984.
Formerly codified as KRS § 290.625.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
Effective: July 15, 2010
Terms Used In Kentucky Statutes 286.6-625
- Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.6-005
- Credit union: means a cooperative, nonprofit association, incorporated under this subtitle, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Kentucky Statutes 286.6-005
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
History: Amended 2010 Ky. Acts ch. 24, sec. 741, effective July 15, 2010. — Created
1984 Ky. Acts ch. 408, sec. 63, effective July 13, 1984.
Formerly codified as KRS § 290.625.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.