Vermont § 31502 - Regular reserve account
Full text of Vermont Vermont Statutes Online § 31502 — Regular reserve account, with citation guidance and answers to common questions.
§ 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.)
Frequently Asked Questions About Vermont § 31502
What does Vermont Statutes Online § 31502 cover?
Section 31502 ("Regular reserve account") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 31502?
A common citation format is "Vermont Statutes Online § 31502" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 31502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.