Montana Statutes
§ 32-3-703 — Use Of Regular Reserve Account
32-3-703 . 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.
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Legislative 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; amd. Sec. 38, Ch. 237, L. 2003.
Nearby Sections
15
§ 32-3-1001
And 32-3-1002 Reserved§ 32-3-1005
Theft Of Funds§ 32-3-1006
And 32-3-1007 Reserved§ 32-3-1008
Concealing Actions From Directors§ 32-3-1009
False Statement To Obtain Or Extend Loan§ 32-3-101
Short Title§ 32-3-1010
Through 32-3-1012 Reserved§ 32-3-102
Purposes -- Definitions§ 32-3-103
Use Of Name Exclusive§ 32-3-104
Office Facilities§ 32-3-105
Fiscal Year