1. Notwithstanding any other provisions in this chapter, each credit union organized under the laws of this state having membership shares shall maintain a reserve for losses on loans to members in an amount equal to at least one hundred percent of the average losses on loans over the five most recent years. 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 state shall maintain a reserve equal to at least five percent of the membership shares, to meet contingencies or losses other than losses on loans. The director may, upon application by a credit union, waive this reserve requirement for any credit union.