Rule 1301:9-2-10 | Impairment.
(A) A condition of impairment exists if the difference between total assets minus current and long-term liabilities (not including shares) is less than the total amount of all share accounts. Impairment also exists when a member's written intention to withdraw their shares cannot be met.
(B) Whenever it is determined that there exists an impairment, the board of directors shall notify the superintendent of such conditions and if the superintendent deems necessary, disclose the impairment to all account holders.
Last updated July 8, 2024 at 8:54 AM
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