Section 30.405 - Transfers Between Undivided Earnings and Regular Reserve(a) As used in this Section, "credit union" means any credit union the share accounts of which are insured other than by the National Credit Union Share Insurance Fund.(b) A credit union which has a regular reserve in excess of six percent of risk assets, may, with the approval of the board of directors and subject to generally accepted accounting principles, transfer any or all of the excess to the undivided earnings account.(c) A credit union may, with the approval of the board of directors and subject to generally accepted accounting principles, make transfers from the undivided earnings account to the regular reserve account in excess of the amount required to be transferred.Cal. Code Regs. Tit. 10, § 30.405
1. Change without regulatory effect renumbering and amending former section 940 to new section 30.405 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
2. Amendment of section heading and section and NOTE filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9). Note: Authority cited: Section 14201, Financial Code. Reference: Section 14700, Financial Code.
1. Change without regulatory effect renumbering and amending former section 940 to new section 30.405 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
2. Amendment of section heading and section and Note filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).