Source: https://www.law.cornell.edu/cfr/text/12/700.2
Timestamp: 2019-07-16 10:14:58
Document Index: 31958991

Matched Legal Cases: ['§ 700', 'art 700', '§ 700', '§ 700', '§ 702', '§ 725']

12 CFR § 700.2 - Definitions. | CFR | US Law | LII / Legal Information Institute
Part 700. DEFINITIONS
Section 700.2. Definitions.
12 CFR § 700.2 - Definitions.
§ 700.2 Definitions.
Federally insured credit union means any credit union whose member accounts are insured by NCUA according to the provisions of Title II of the Federal Credit Union Act (12 U.S.C. 1782et seq.).
(1) A credit union will be determined to be insolvent when the total amount of its shares exceeds the present cash value of its assets after providing for liabilities unless:
(i)Cash value of assets. Recorded value will be considered the cash value of any asset account providing accepted accounting principles and practices are followed and the provisions of law, regulation, and bylaws are met.
(ii)Liabilities. Recorded liabilities which are due and payable, excluding shares of members and non-members, are considered liabilities.
Net worth. Unless otherwise noted, the term “net worth,” as applied to credit unions, has the same meaning as set forth in § 702.2(f) of this chapter.
Paid-in and unimpaired capital and surplus or unimpaired capital and surplus mean shares plus post-closing, undivided earnings. This does not include regular reserves or special reserves required by law, regulation or special agreement between the credit union and its regulator or share insurer. “Paid-in and unimpaired capital and surplus” for purposes of the Central Liquidity Facility is defined in § 725.2(o) of this chapter.