Section 17:13-109 - Gross earnings; reserve funds; contributions; regulation of reserve requirementsa. Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined, and from this amount there shall be set aside, as a regular reserve against contingencies, sums in accordance with the following schedule: (1) A credit union in operation for more than four years and having assets of $500,000.00 or more shall set aside: (a) 10% of gross income until the regular reserve shall equal 4% of the total of outstanding loans and risk assets; then(b) 5% of gross income until the regular reserve shall equal 6% of the total of outstanding loans and risk assets.(2) A credit union in operation less than four years or having assets of less than $500,000.00 shall set aside:(a) 10% of gross income until the regular reserve shall equal 7 1/2 % of the total of outstanding loans and risk assets, then(b) 5% of gross income until the regular reserve shall equal 10% of the total of outstanding loans and risk assets.(3) Whenever the regular reserve falls below the stated per cent of the total of outstanding loans and risk assets, it shall be replenished by regular contributions in any amounts as may be needed to maintain the stated reserve.b. The Commissioner of Banking may decrease the reserve requirement set forth in subsection a. of this section when in his opinion a decrease is necessary or desirable. The Commissioner of Banking may also require special reserves to protect the interests of members either by regulation or for an individual credit union in any special case.L.1984, c.171, s.31, eff. 10/31/1984.