N.M. Code R. § 12.17.4.7 - DEFINITIONS
A. "Credit union
service organization" is an entity defined in Sections 107(5) (D) and 107(7)
(I) of the Federal Credit Union Act (
12 U.S.C.
Sections 1757(5) (D) and
1757(7)
(I) and Part 701.27 of the NCUA Rules and
Regulations [ 12 C.F.R. Section 701.27 ].
B. "Paid-in and unimpaired capital and
surplus" means the balance of the paid-in share accounts and deposits, less any
loss that may have been incurred for which there is no reserve or which has not
been charged against undivided earnings, plus the credit balance (or less the
debit balance) of the undivided earnings account, after all losses have been
provided for and net earnings or net losses have been added thereto or deducted
therefrom. Reserves shall not be considered as part of surplus.
Notes
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