2013 Nevada Revised Statutes
Chapter 678 - Credit Unions
NRS 678.875 - Regular reserves.
1. Before the payment of any dividend by a central credit union, a regular reserve against loan losses shall be set aside according to the following schedule:
(a) Until the regular reserve equals 5 percent of the outstanding loans and risk assets, 2 percent of the gross earnings shall be withheld.
(b) Whenever the regular reserve falls below 5 percent of the outstanding loans and risk assets it shall be replenished in accordance with the formula set forth in paragraph (a).
2. No other reserves need be maintained by the central credit union.
(Added to NRS by 1977, 889)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
