New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 17 - CREDIT UNIONS
Part 4 - CREDIT UNION SERVICE ORGANIZATION
Section 12.17.4.7 - DEFINITIONS

Universal Citation: 12 NM Admin Code 12.17.4.7

Current through Register Vol. 35, No. 18, September 24, 2024

A. "Credit union service organization" is an entity defined in Sections 107(5) (D) and 107(7) (I) of the Federal Credit Union Act ( 12 U.S.C. Sections 1757(5) (D) and 1757(7) (I) and Part 701.27 of the NCUA Rules and Regulations [ 12 C.F.R. Section 701.27 ].

B. "Paid-in and unimpaired capital and surplus" means the balance of the paid-in share accounts and deposits, less any loss that may have been incurred for which there is no reserve or which has not been charged against undivided earnings, plus the credit balance (or less the debit balance) of the undivided earnings account, after all losses have been provided for and net earnings or net losses have been added thereto or deducted therefrom. Reserves shall not be considered as part of surplus.

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