Nev. Rev. Stat. § 672.875

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 672.875 - Regular reserves

1. Before the payment of any dividend by a central credit union, a regular reserve against loan losses shall be set aside according to the following schedule:

(a) Until the regular reserve equals 5 percent of the outstanding loans and risk assets, 2 percent of the gross earnings shall be withheld.

(b) Whenever the regular reserve falls below 5 percent of the outstanding loans and risk assets it shall be replenished in accordance with the formula set forth in paragraph (a).

2. No other reserves need be maintained by the central credit union.

NRS 672.875

Added to NRS by 1977, 889