South Carolina § 34-26-1380 - Corporate credit union reserve requirements; exemptions.
Full text of South Carolina South Carolina Code of Laws § 34-26-1380 — Corporate credit union reserve requirements; exemptions., with citation guidance and answers to common questions.
§ 34-26-1380. Corporate credit union reserve requirements; exemptions.
(1) The corporate credit union shall be exempt from the regular reserve requirements of Article 11, but at the end of each dividend period and prior to paying a dividend, or at the option of the credit union, on a monthly basis if dividends are paid more frequently than monthly, sums shall be set aside in a corporate reserve in accordance with the following schedule:
(a) When the credit union's corporate reserve and undivided earnings are less than four percent of assets at the end of the transfer period, the credit union shall set aside an amount equal to .0015 times the credit union's average daily assets for the transfer period times the number of days in the transfer period, divided by three hundred and sixty-five.
(b) This reserve requirement may be changed from time to time by the board as it deems appropriate.
(2) Charges may be made to the corporate reserve for loan losses and for investment losses caused by factors other than trading losses or market fluctuations. Other charges to the corporate reserve may only be made with the prior approval of the commissioner.
HISTORY: 1996 Act No. 371, SECTION 1, eff May 29, 1996.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 34-26-1380
What does South Carolina Code of Laws § 34-26-1380 cover?
Section 34-26-1380 ("Corporate credit union reserve requirements; exemptions.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 34-26-1380?
A common citation format is "South Carolina Code of Laws § 34-26-1380" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 34-26-1380 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
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