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. HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
South Carolina Legal Code