South Carolina Statutes
§ 34-26-1120 — Special reserves.
South Carolina § 34-26-1120
JurisdictionSouth Carolina
Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY
Ch. 26SOUTH CAROLINA CREDIT UNION ACT
This text of South Carolina § 34-26-1120 (Special reserves.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.C. Code Ann. § 34-26-1120 (2026).
Text
In addition to the regular reserve, special reserves to protect the interest of members shall be established when required by regulation or when found by the board of directors of the credit union or by the commissioner, in any special case, to be necessary for that purpose. These may include allowances for loan losses, investment losses, or any other reserves the board of directors may establish.
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Legislative History
HISTORY: 1996 Act No. 371, SECTION 1, eff May 29, 1996. ARTICLE 12 Change in Corporate Status
Nearby Sections
15
§ 34-26-100
Short title.§ 34-26-1010
Designation of depositories.§ 34-26-1020
Permissible investments of credit union funds.§ 34-26-110
Definitions.§ 34-26-1120
Special reserves.§ 34-26-1210
Merger.§ 34-26-1300
Corporate credit union.§ 34-26-1310
Purposes of corporate credit union.§ 34-26-1320
Corporate credit union membership.§ 34-26-1330
Application to form corporate credit union.Cite This Page — Counsel Stack
Bluebook (online)
South Carolina § 34-26-1120, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/26/34-26-1120.