A credit union may order a reduction in the membership shares of each of its shareholders if:
(1) the credit union's losses resulting from a depreciation in value of its loans or investments or otherwise exceed its undivided earnings and its reserves, and the estimated value of its assets is less than the total amount due the shareholders;
(2) a majority vote of the credit union's members present at a meeting of members called for that purpose approve the reduction; and
(3) the reduction divides the loss proportionately among the shareholders.