Kentucky Statutes 286.6-595 – Reserves
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A credit union shall, at the close of each accounting period, establish and maintain reserves at least equal to the reserve requirements of the National Credit Union Administration necessary to maintain deposit insurance.
Effective: July 13, 1984
History: Created 1984 Ky. Acts ch. 408, sec. 60, effective July 13, 1984.
Formerly codified as KRS § 290.595.
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 13, 1984
Terms Used In Kentucky Statutes 286.6-595
- 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
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Statute: A law passed by a legislature.
History: Created 1984 Ky. Acts ch. 408, sec. 60, effective July 13, 1984.
Formerly codified as KRS § 290.595.
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.