s 36

Credit Unions Contingency Fund

In force

(1)

On the day before the transfer date, TSA must, under section 99A of the Financial Institutions Code, distribute the whole of retained earnings to the contribution accounts of credit unions.

(2)

For the purposes of subsection (1), section 99A(3) of the

Financial Institutions Code does not apply.

(3)

Immediately after TSA complies with subsection (1) it must pay from the Credit Unions Contingency Fund to each credit union the amount standing to the credit union's credit in the fund.

(4)

Subsection (3) applies despite section 103 of the Financial

Institutions Code.

(5)

In this section:

contribution accounts, of credit unions, means the parts of the Credit Unions Contingency Fund that, under section

98(10) of the Financial Institutions Code, are treated as a deferred asset in the accounts of the credit unions.

credit union means a credit union under the Financial

Institutions Code.

retained earnings has the same meaning as in section

99A of the Financial Institutions Code.

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