The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
005
:
NET WORTH; RESERVES; DIVIDENDS
(Cite as: 8 V.S.A. § 31502)
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§ 31502. Regular reserve account
(a) Every credit union shall accumulate and maintain a regular reserve account that shall
be held to meet losses until the credit union is dissolved, when it may be distributed
among the members. The regular reserve account shall be accumulated and regulated
pursuant to standards established by the Commissioner, as the same may be amended
from time to time.
(b) Any sums recovered on items previously charged to the regular reserve account shall
be credited to the regular reserve account.
(c) Except as permitted under subsection 31506(b) of this title, the governing body of a credit union shall not transfer any part of the regular
reserve account to the undivided earnings account without the prior written approval
of the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)