Sec.36a-456-2. Authorization of payment of interest refunds

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The governing board of a Connecticut credit union may authorize the payment of interest refunds to members following the end of any annual, semi-annual or quarterly accounting period; provided (1) the Connecticut credit union has declared a dividend during such period, (2) the delinquency rate at the end of such period is less than five percent, and (3) reserves are sufficient to meet the following formula: R - D₁(.1) + D₂(.2) + D₃(.8) where R = reserves, D₁ = loans 2 to less than 6 months delinquent, D₂ = loans 6 months to less than 12 months delinquent, and D₃ = loans 12 or more months delinquent.

(Effective July 2, 1979; TransferredApril 24, 1995; Amended January 30, 1996)

                    
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