State Codes and Statutes
Statutes > Missouri > T24 > C370 > 370_325Reserves, amounts required, waived when, procedure.
370.325. 1. Notwithstanding any other provisions in thischapter, each credit union organized under the laws of this statehaving membership shares shall maintain a reserve for losses onloans to members in an amount equal to at least one hundredpercent of the average losses on loans over the five most recentyears. The director may, upon application by a credit union,waive this reserve requirement for any credit union.
2. Each credit union organized under the laws of this stateshall maintain a reserve equal to at least five percent of themembership shares, to meet contingencies or losses other thanlosses on loans. The director may, upon application by a creditunion, waive this reserve requirement for any credit union.
(L. 1984 H.B. 962)
