N.M. Code R. § 12.17.8.7 - DEFINITIONS
A. "Full and fair
disclosure" means the level of disclosure which a prudent person would provide
to a member of a credit union, the financial institutions division, the
national credit union administration or, at the discretion of the board of
directors, a creditor in order to fairly inform any or all of them of the
financial condition and the results of operations of the credit union at any
given time.
B. "Record maintenance
and accounting systems and procedures" means the use of an accounting method
provided for in the accounting manual for federal credit unions, which shall be
either the modified cash basis or the accrual basis of accounting and the use
of appropriate financial statements described in the accounting manual
referenced above.
Notes
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