ยง 459. Allowance for loan loss. An allowance for loan loss account
shall be established and maintained in an amount that represents the
current estimated loss on loans. The allowance for loan loss account
requirement shall be computed and adjusted, through the provision for
loan loss account, prior to the payment of dividends.
The calculation of this account shall be in accordance with the rules
established by the National Credit Union Administration.
Structure New York Laws
450 - Incorporation; Organization Certificate.
450-A - Designation of Low Income Credit Union.
450-B - Designation of Student Branches.
451-A - Qualifications for Membership.
452 - When Corporate Existence Begins; Conditions Precedent to Commencing Business.
453 - Corporate Credit Unions.
456 - Limitations Upon Powers.
458-A - Maintenance of Reserves.
459 - Allowance for Loan Loss.
460 - Dividends to Shareholders; Conditions Precedent.
461 - Change of Location; Estblishment of Stations; Extension or Revival of Corporate Existence.
463 - Exemptions and Individual Liability of Shareholders.
465 - Withdrawal of Shares After Voting to Liquidate; Notices to Shareholders.
466 - Meetings of Shareholders; Voting.
467 - Qualifications and Disqualifications of Directors and Committee Members.
468 - Oaths of Directors; Officers and Members of Committees.
469 - Vacancies; Change in Number of Directors.
470 - Powers and Duties of Directors; Not Entitled to Compensation; Disqualification of Directors.
471 - Duty of Directors and Officers.
472 - Special Duties of Directors.
473 - Loan Officers, Credit Committee; Duties.
474 - Loan Reports to Directors.
475 - Supervisory Committee; Powers and Duties.
476 - Officers; Powers and Duties.
477 - Retirement and Insurance Benefits for Officers and Employees.
478 - Amendment of Bylaws; Approval of Superintendent.
479 - Credit Union Not Liable for Taxation.
482 - Reports to Superintendent; Penalty for Failure to Make.
483 - Penalty for Loans to Non-Members; Recovery.
484 - Penality for Use of Term "Credit Union".
485 - Entries in Books; Preservation of Records.
486 - Conversion of a Federal Credit Union Into a State Credit Union.
487 - Conversion of a Credit Union Into a Federal Credit Union.
487-A - Conversion of a Credit Union Into a Mutual Savings Bank.