Section 286.5-171 - Reserve fund - Creation - Charges - Credits(1) Every domestic association shall set aside at least one percent (1%) of the net income each year as a reserve fund to provide against contingent losses, until the total amount of the fund so set aside equals twelve percent (12%) of the assets of the association. The commissioner may require other specific reserves in his or her discretion.(2) Any losses from sale of real estate may be charged against this fund and in the event of any such charges then any profits from the sale of real estate shall, to the extent of losses charged, be credited to the said fund.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 688, effective7/15/2010. -- Created 1964 Ky. Acts ch. 138, sec. 18, effective 6/18/1964.