N.D. Cent. Code § 6-06-21
This is the official text of N.D. Cent. Code § 6-06-21, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-06-21. Reserve fund
Official statutory text
6-06-21. Reserve fund
Every credit union, including corporate central credit unions, shall maintain an allowance for
loan and lease loss account in accordance with generally accepted accounting principles and
rules of the national credit union administration. If it is found through an examination that the
allowance for loan and lease loss account is not sufficient in disclosing the exposure to loan
losses, then the credit union will increase the allowance for loan and lease loss account within
thirty days as directed by the commissioner.
Every credit union, including corporate central credit unions, shall maintain an allowance for
loan and lease loss account in accordance with generally accepted accounting principles and
rules of the national credit union administration. If it is found through an examination that the
allowance for loan and lease loss account is not sufficient in disclosing the exposure to loan
losses, then the credit union will increase the allowance for loan and lease loss account within
thirty days as directed by the commissioner.
Status: in_force · Read it on the official government site
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