California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 30 - Credit Unions
Article 4 - Reserves
Section 30.405 - Transfers Between Undivided Earnings and Regular Reserve
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) As used in this Section, "credit union" means any credit union the share accounts of which are insured other than by the National Credit Union Share Insurance Fund.
(b) A credit union which has a regular reserve in excess of six percent of risk assets, may, with the approval of the board of directors and subject to generally accepted accounting principles, transfer any or all of the excess to the undivided earnings account.
(c) A credit union may, with the approval of the board of directors and subject to generally accepted accounting principles, make transfers from the undivided earnings account to the regular reserve account in excess of the amount required to be transferred.
1. Change
without regulatory effect renumbering and amending former section
940 to new section
30.405 filed 8-19-97 pursuant to
section 100, title 1, California Code of
Regulations (Register 97, No. 34).
2. Amendment of section heading
and section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No.
9).
Note: Authority cited: Section 14201, Financial Code. Reference: Section 14700, Financial Code.
