GroundRules
S.C. Code Ann. § 34-26-1110: Permissible use of reserve; effect of liquidation of credit union.
Where this section sits in the code
- Title 34 - BANKING, FINANCIAL INSTITUTIONS AND MONEY
- CHAPTER 26 South Carolina Credit Union Act
- ARTICLE 11 Reserve Allocations
The regular reserve shall belong to the credit union and shall be used to meet contingencies or losses in its business. The regular reserve shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the Board of Financial Institutions.
Collected 2026-09-02T07:06:24Z. Source file · JSON