Required Capital Amount means, as of any date of determination, an amount equal to the greater of (a) 3% of the Aggregate Commitment under the Credit and Security Agreement, and (b) the product of (i) 1.5 times the product of the Default Ratio times the Default Horizon Ratio, each as determined from the most recent Monthly Report received from the Servicer under the Credit and Security Agreement, and (ii) the Outstanding Balance of all Receivables as of such date, as determined from the most recent Monthly Report received from the Servicer under the Credit and Security Agreement.Ĭapital Surplus has the meaning assigned to such term in Section 6.3(a). Related to Unimpaired capital and surplusĬapital and Surplus means, as to any Insurance Subsidiary, as of any date, the total amount shown on line 38, page 3, column 1 (or such other line on which the equivalent information is provided on any other such Annual Statement) of the Annual Statement of such Insurance Subsidiary as of such date, or an amount determined in a consistent manner for any date other than one as of which an Annual Statement is prepared. A group of members of a federal credit union has the right, upon submission of a petition to the credit union as described in paragraph (b) of this section, to inspect and copy nonconfidential portions of the credit union’s: § 701.3 Member inspection of credit union books, records, and minutes. An historic file of amendments or revisions is maintained and made available for inspection at the National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314. Federal credit unions may adopt amendments to their bylaws as provided in the Bylaws, with the approval of the Board.(b) Copies of the Federal Credit Union Bylaws may be obtained at or by request addressed to or National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314.(c) The National Credit Union Administration may issue revisions or amendments of the Federal Credit Union Bylaws from time to time. The Federal Credit Union Bylaws are hereby published as Appendix A to Part 701 pursuant to 5 U.S.C. § 701.2 Federal Credit Union Bylaws (a) Federal credit unions must operate in accordance with their approved bylaws.
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The Chartering and Field of Membership Manual also is available on- line at ’s in- house publication of the regulations does not include the Chartering and Field of Membership Manual as an appendix to this part.
Unimpaired capital and surplus means the same as ‘‘ paid-in and unimpaired capital and surplus,’’ as defined in paragraph (f) of this section.§ 701.1 Federal credit union chartering, field of membership modifications, and conversions. National Credit Union Administration policies concerning chartering, field of membership modifications, and conversions are set forth in Interpretive Ruling and Policy Statement 08-2, Chartering and Field of Member- ship Manual (IRPS 08-2) published as appendix B to this part. The authority citation for part 712 continues to read as follows:Authority: 12 U.S.C. In § 701.14, revise paragraphs (b)(3)(ii) and (b)(4)(ii) to read as follows:§ 701.14 Change in official or senior executive officer in credit unions that are newly chartered or are in troubled condition.* * * * *(b) * * * (3) * * *(ii) Has been granted assistance as outlined under sections 208 or 216 of the Federal Credit Union Act.(4) * * *(ii) Has been granted assistance as outlined under sections 208 or 216 of the Federal Credit Union Act.* * * * *PART 712-CREDIT UNION SERVICE ORGANIZATIONS (CUSOs) 6.
Section 701.31 is also authorized by 15 U.S.C. Section 701.6 is alsoauthorized by 31 U.S.C. The authority citation for part 701 continues to read as follows:Authority: 12 U.S.C. Unimpaired capital and surplus means the same as ‘‘ paid-in and unimpaired capital and surplus,’’ as defined in paragraph (f) of this section.* * * * *PART 701-ORGANIZATION AND OPERATION OF FEDERAL CREDIT UNIONS 4.
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