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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1761.14 | Record and use of income.

Ohio Revised Code
/
Title 17 Corporations-Partnerships
/
Chapter 1761 Credit Union Guaranty Corporations
 
Effective:
September 14, 1988
Latest Legislation:
House Bill 796 - 117th General Assembly
PDF:
Download Authenticated PDF
 

(A) A credit union share guaranty corporation shall record income from investments in an income account, and may use such income to defray expenses of operations. Income from all sources that exceeds an amount determined by the board of directors to be adequate to provide for current expenses may be credited to participating credit unions' accounts.

(B) Expenses of operations that exceed income from all sources at year end shall be charged, first to undivided or retained earnings, and then to participating credit unions' accounts. Each participating credit union's accounts shall be charged ratably based on the account balance for the amount of the excess.

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