Regular reserve account (a) Every credit union shall accumulate and maintain a regular reserve account that shall be held to meet losses until the credit union is dissolved, when it may be distributed among the members. The regular reserve account shall be accumulated and regulated pursuant to standards established by the Commissioner, as the same may be amended from time to time. (b) Any sums recovered on items previously charged to the regular reserve account shall be credited to the regular reserve account. (c) Except as permitted under subsection 31506(b) of this title, the governing body of a credit union shall not transfer any part of the regular reserve account to the undivided earnings account without the prior written approval of the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
Vermont Legal Code