Section 412:10-600 - Regular reserve(a) At the end of each accounting period and before the payment of any dividend, each credit union shall set aside from its gross earnings the following reserve against contingencies: (1) A credit union in operation for less than four years or having assets of less than $500,000 shall set aside ten per cent of its gross earnings until the regular reserve equals seven and a-half per cent of its total outstanding loans and risk assets, whereupon the credit union shall set aside five per cent of its gross earnings until the regular reserve equals ten per cent of its total outstanding loans and risk assets.(2) A credit union in operation for four or more years or having assets of $500,000 or more shall set aside ten per cent of gross earnings until the balance in the regular reserve equals four per cent of its total outstanding loans and risk assets, whereupon the credit union shall set aside five per cent of its gross earnings until the regular reserve equals six per cent of its total outstanding loans and risk assets.(b) Whenever a credit union's regular reserve account falls below the percentages required by this section, the credit union shall notify the commissioner and shall make up the deficiency by regular contributions in such amounts as may be needed to maintain the required level.(c) The commissioner may decrease or waive entirely the reserve requirement for an individual credit union in one or more accounting periods when in the commissioner's opinion such a decrease is necessary or desirable.(d) The regular reserve shall belong to the credit union and shall be used to meet losses on risk assets and to meet such other classes of losses as are approved by the commissioner. The regular reserve shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the commissioner.