Prompt corrective action.

13-03-06-04. Prompt corrective action. When the credit union's net worth ratio falls below seven percent after allowing for full and fair disclosure in the allowance for loan and lease loss account, or fails to meet the risk-based capital requirements of part 702 of the national credit union administration's rules and regulations, the credit union is required to meet the prompt corrective action requirements under North Dakota Century Code section 6-06-08.4 and part 702 of the national credit union administration's rules and regulations. Any required reserves to be made under prompt corrective action will be made to the regular reserve account. History: Effective January 1, 1981; amended effective May 1, 1981; January 1, 2007; January 1, 2013; January 1, 2019; April 1, 2022. General Authority: NDCC 6-01-04 Law Implemented: NDCC 6-06-08.4, 6-06-21 3