Table of Contents TITLE 32. FINANCIAL INSTITUTIONS CHAPTER 3. CREDIT UNIONS Part 7. Investments and Reserves
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32-3-701 32-3-702 32-3-703 32-3-705

Mont. Code Ann. § 32-3-703

(2021)

Use of regular reserve account

The regular reserve account belongs to the credit union and must be used to meet losses including, with prior approval of the department of administration, losses from the sale of investments or securities. The regular reserve account may not be used to meet losses resulting from an excess of expenses over income and may not be distributed except on liquidation of the credit union or in accordance with a plan approved by the department.

Official Annotations archive.org, 2021 edition
History:
En. 14-661 by Sec. 61, Ch. 38, L. 1975
R.C.M. 1947, 14-661
Amd. Sec. 2, Ch. 274, L. 1981
Amd. Sec. 1, Ch. 219, L. 1983
Amd. Sec. 96, Ch. 483, L. 2001 (SB 445 - Taylor, Mike (R) SD 37)
Amd. Sec. 38, Ch. 237, L. 2003 (HB 319 - Lawson, Bob (R) HD 80)
Source text on leg.mt.gov