Rule 80-2-9-.02 - Accounting and Record Keeping(1) Securities transactions shall be accounted for in accordance with paragraph 1 of Rule 80-2-1-.01.(2) Credit Unions shall maintain documentation sufficient to identify adequately the nature of all securities owned. For all securities other than direct investments in government bonds, notes, or debentures, documentation may include annual reports, offering circulars, credit analyses published by nationally recognized rating firms, or in-house analyses, reflecting an evaluation of the degree of risk in regard to liquidity, marketability, and price volatility.(3) Investments in the form of "Zero Coupon" obligations shall be recorded at cost plus accretion to maturity over the life of the obligations. Legal limitations applicable to such securities shall be measured against the actual cost of the security. Provided, however, to the extent that the cash investment plus accretions of income earned, but not collected, exceed the legal limitation on any zero coupon security, such amount shall be set aside into a capital reserve and excluded in considering capital adequacy.Ga. Comp. R. & Regs. R. 80-2-9-.02
Ga. L. 1974, p. 733.
Original Rule entitled "Accounting and Record Keeping" adopted. F. Oct. 12, 1989; eff. Nov. 1, 1989.Amended: F. Jul. 7, 1994; eff. July 27, 1994.