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Nevada Revised Statutes Title 55. Banks and Related Organizations § 672.875. Regular reserves

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 55. Banks and Related Organizations § 672.875. Regular reserves - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-55-banks-and-related-organizations/nv-rev-st-672-875/

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