In addition to the regular reserve, special reserves shall be established when required by regulation or when found necessary by the board of directors of the credit union or by the commissioner.
Cal. Fin. Code § 14702
Reserves
Known as the California Credit Union Law
The act spans §§ 14000–16906 (329 sections).
Amended by Stats. 1980, Ch. 1097, Sec. 6.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.