2021 Idaho Code
Title 26 - BANKS AND BANKING
Chapter 21 - IDAHO CREDIT UNION ACT
Section 26-2131 - SHARE REDUCTION.
26-2131. SHARE REDUCTION. Whenever the losses of any credit union, resulting from a depreciating in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may, by a majority vote of the entire membership, order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members. If thereafter the credit union shall realize from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided among the shareholders whose assets were reduced, but only to the extent of such reduction.
History:
[26-2131, added 1977, ch. 213, sec. 2, p. 600.]
