Reserves

PURPOSE: This regulation requires savings and loan associations to establish a general reserve account in compliance with applicable federal regulations. Editor’s Note: Copies of all referenced federal regulations are available to any interested party at the Division of Finance, Room 630, 301 West High Street, Jefferson City, Missouri or the Office of the Secretary of State at a cost established by state law. Each association shall maintain a general reserve account in an amount at least equal to that required of insured associations by applicable federal regulations. This general reserve shall be used solely for the purpose of absorbing losses. An association may establish and maintain such additional general or specific reserves as determined by the board of directors. AUTHORITY: section 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-5.010. This rule previously filed as 4 CSR 14017.010. Original rule filed Sept. 28, 1971, effective Oct. 8, 1971. Changed to 4 CSR 140-17.010, effective July 6, 1994. Amended: Filed Nov. 8, 1994, effective March 30, 1995. Moved to 20 CSR 1140-17.010, effective Aug. 28, 2006. *Original authority: 369.299, RSMo 1971, amended 1994.