§ 31503. Allowance for loan and lease loss
(a) An allowance for loan and lease loss account shall be established and maintained in an amount that represents the current estimated loss on loans and leases. The allowance for loan and lease loss account requirement shall be computed and adjusted through the provision for loan and lease loss expense account prior to the payment of dividends. This account shall be calculated in accordance with standards established by the Commissioner, as the same may be amended from time to time.
(b) Any sums recovered on items previously charged to allowance for loan and lease loss account shall be credited to the allowance for loan and lease loss account. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 221 - Organization and Management of Credit Union
§ 31101. Application to organize
§ 31102. Issuance of certificate of approval; refusal to issue certificate of approval
§ 31103. Requirements to commence business; minimum initial share deposits; certificate of authority
§ 31104. Submission to Secretary of State
§ 31105. Payment of share deposits
§ 31106. Certificate to commence business; insurance; bond
§ 31107. Failure to commence business
§ 31108. Amendment to articles of incorporation
§ 31201. Bylaws; amendment of bylaws
§ 31301. Number and election of directors
§ 31302. Duties of governing body
§ 31304. Meetings of governing body
§ 31306. Supervisory committee
§ 31307. Credit committee; credit manager
§ 31308. Duties of officers, directors, and committee members
§ 31309. Oaths of office; certificate of election
§ 31310. Prohibited management interlocks
§ 31311. Suspension and removal
§ 31314. Compensation; insurance; expenses
§ 31402. Membership application
§ 31404. Membership termination
§ 31405. Suspension of services
§ 31407. Special membership meetings
§ 31408. Notice to members of annual and special meeting
§ 31502. Regular reserve account
§ 31503. Allowance for loan and lease loss
§ 31504. Unrealized gain or loss on available for sale securities
§ 31505. Additional or special reserves