Section 70. A credit union shall maintain a reserve for loses on investments equal to five percent of the difference between the book value and the market value of all investments mentioned in section sixty-seven excluding those investments which are included in the liquidity reserve; provided, however, that a credit union shall maintain a reserve for the stock investments authorized by paragraph (o) and the investment funds authorized by paragraph (p) of section sixty-seven.
Should the reserves maintained in this section and section sixty-nine exceed the amount necessary to be kept or maintained in those accounts, the credit union may transfer such excess into an undivided earnings account.
Structure Massachusetts General Laws
Part I - Administration of the Government
Section 2 - Incorporation; Agreement of Association
Section 3 - Notice to Commissioner; Investigation Fee
Section 4 - First Meeting of Incorporators; Notice
Section 5 - Articles of Organization; Certificate of Incorporation
Section 6 - Transaction of Business; Authorization; Approval of By-Laws; Failure to Commence
Section 6a - Powers and Permissible Activities; Regulations
Section 6b - Savings Promotion Raffles
Section 7 - Use of Words ''credit Union'' Restricted; Penalties
Section 8 - Location Changes; Branches and Depots; Consolidations or Mergers; Mobile Branch Banking
Section 8b - Educational Credit Union, Student Savings Deposit and School Branch Office Programs
Section 8d - Examination of Affairs of Foreign Credit Union or Out-of-State Federal Credit Union
Section 10 - Amendment of By-Laws
Section 11 - Annual Meetings; Special Meetings; Notice; Voting
Section 12 - Directors; Terms; Inability to Pay Judgment; Classes
Section 14 - Expulsion of Members
Section 15 - Officers and Committee Members; Election and Appointment; Loan Officers
Section 16 - Auditing Committee; Powers and Duties
Section 17 - Credit Committee; Powers and Duties
Section 18 - Investment Committee; Powers and Duties
Section 19 - Directors and Officers; Limitations on Services With Other Financial Institutions
Section 20 - Compensation and Expense Reimbursement; Restrictions on Loans to Directors
Section 21 - Bond Requirements
Section 22 - Treasurer's Additional Duties Under Chapter 167 and This Chapter
Section 23 - Nonfeasance, Misfeasance and Malfeasance; Penalties
Section 24 - Indemnification of Directors, Officers and Employees; Liability Insurance
Section 25 - Insurance Benefits for Employees, Officers and Directors
Section 28 - Preservation of Records
Section 29 - Shares and Deposits; Dividends
Section 30 - Limitations on Shares and Deposits
Section 31 - Negotiable Withdrawal Order Accounts
Section 32 - Term Share or Deposit Accounts; Written Plan
Section 32a - Acceptance of Funeral Trust Account
Section 35 - Trustee or Custodian; Profit-Sharing or Retirement Plans
Section 36 - Designation of Beneficiary; Deferred Compensation or Retirement Plans
Section 37 - Plans Providing Loans Guaranteed by Higher Education Assistance Corporation
Section 38 - Accounts for Holding Residential Lease Security Deposits
Section 41a - Assessment of Fees and Charges
Section 42 - Deceased Depositors and Shareholders
Section 43 - Withdrawal of Shares or Deposits; Notice
Section 46 - Lost, Stolen or Destroyed Passbooks; Application for Payment or Issuance of Duplicate
Section 47 - Agreements Exculpating Credit Union for Wrongful Payment of Account
Section 48 - Proceeding for Collection of Indebtedness; Set Off
Section 49 - Transfer of Funds to Reduce Debt; Notification
Section 50 - Shares or Accounts Pledged as Security; Transfer, Assignment or Credit at Foreclosure
Section 51 - Adverse Claims to Shares or Deposits; Process; Bond
Section 52 - Reduction of Accounts for Equitable Division of Loss
Section 53 - Disclosure to Account Holders of Availability of Funds
Section 57 - Loans to Members; Applications; Preferences; Limitations
Section 58 - Liabilities of Members; Limitations
Section 65 - Definitions Applicable to Secs. 65 to 65e
Section 65a - Mortgage Loans by Credit Unions Authorized; Types; Comprehensive Written Loan Policies
Section 65a1/2 - Mortgage Loans Participation
Section 65c1/2 - Reverse Mortgage Loan Requirements
Section 65e - Powers of Credit Unions
Section 66 - Person Obligated to Make Payments Under Mortgage to Be Member of Credit Union
Section 67a - Membership in Associations Benefitting Credit Union or Providing Services
Section 68 - Registration of Securities in Name of Partnership or Corporate Nominee
Section 69 - Allowance or Reserve for Loan Losses
Section 70 - Reserve for Losses on Investments
Section 71 - Cash on Hand Requirements and Enumerated Investments
Section 72 - Contingent Fund; Liability on Loan Upon Death of Member
Section 73 - Borrowing on Behalf of Credit Union
Section 74 - Sale, Transfer and Assignment of Loans, Investments and Other Assets
Section 76 - National Credit Union Administration Central Liquidity Facility; Membership
Section 80 - Foreign Credit Unions; Consent for Incorporation
Section 80b - Credit Union Chartered in Commonwealth Converted to Federal Charter
Section 83 - Credit Union Employees Retirement Association; By-Laws; Reports
Section 84 - Credit Union Employees Retirement Association; Tax Exemption; Attachment