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2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 26 - SOUTH CAROLINA CREDIT UNION ACT
Section 34-26-1110. Permissible use of reserve; effect of liquidation of credit union.
Universal Citation: SC Code § 34-26-1110 (2017)
The regular reserve shall belong to the credit union and shall be used to meet contingencies or losses in its business. The regular reserve shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the Board of Financial Institutions.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
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