§ 5-28-29-26 — Reserve fund; corporation control

(a) All money credited to the reserve fund
is under the exclusive control of the corporation. The corporation may
not withdraw money from the reserve fund, except as specifically
provided in this chapter.
(b) If money in the reserve fund is not deposited by the corporation
in an account with the lender, the money must be invested or reinvested
by the corporation in one (1) of the following:
(1) Direct obligations of the United States, the principal and
interest of which are unconditionally guaranteed by the United
States.
(2) A deposit account at a depository institution whose deposits
are insured by the Federal Deposit Insurance Corporation or
National Credit Union Administration.
(c) All interest earned in a reserve fund account shall be credited to
that account. Fifty percent (50%) of the interest earned may be
withdrawn by the corporation from that account and used for any
purpose.

Legislative History

As added by P.L.162-2007, SEC.24.