C-4.1 - Savings and Credit Unions Act

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271. The board of directors must pay into the general reserve, out of the amounts allocated to the stabilization reserve, such sums as are necessary to attain the percentage prescribed in section 267 or the standards of the federation with which the credit union is affiliated.
Where the amounts allocated to the stabilization reserve are not paid into the general reserve, they may serve for the payment of interest on permanent shares.
1988, c. 64, s. 271; 1996, c. 69, s. 89.
271. The board of directors must pay into the general reserve, out of the amounts allocated to the stabilization reserve, such sums as are necessary to attain the percentage prescribed in section 267 or by the by-laws of the federation with which the credit union is affiliated.
Where the amounts allocated to the stabilization reserve are not paid into the general reserve, they may serve for the payment of interest on permanent shares.
1988, c. 64, s. 271.