Iowa Admin. Code r. 189-18.2 - Legal reserve required
(1) Each credit
union shall establish and maintain a legal reserve for contingencies as
provided by Iowa Code chapter 533. The totals of the legal reserve and the
allowance for loan losses account shall be combined for determining the
applicable percentage of gross income to be transferred to the legal
reserve .
(2) Nothing in this rule
shall preclude the requirements of Iowa Code chapter 533 relating to the
maintenance of the legal reserve or to the authority of the superintendent to
approve a plan for distribution of the reserve or to the requiring of
additional amounts to be set aside as a special reserve .
Notes
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