(a) At the end of each accounting period the gross income of the credit union shall be determined. From this amount, there shall be set aside as a regular reserve against losses on loans and against other losses specified in regulations adopted by the commissioner under this chapter sums in accordance with the following schedule:
(1) a credit union in operation for more than four years and having assets of $500,000 or more shall set aside
(A) 10 percent of gross income until the regular reserve equals four percent of the total of outstanding loans and risk assets; then
(B) five percent of gross income until the regular reserve equals six percent of the total of outstanding loans and risk assets;
(2) a credit union in operation less than four years or having assets of less than $500,000 shall set aside
(A) 10 percent of gross income until the regular reserve equals seven and one-half percent of the total of outstanding loans and risk assets; then
(B) five percent of gross income until the regular reserve equals 10 percent of the total of outstanding loans and risk assets;
(3) when the regular reserve falls below the stated percent of the total of outstanding loans and risk assets, it shall be replenished by regular contributions in amounts as may be needed to maintain the stated reserve goals.
(b) The commissioner may decrease the reserve requirement in (a) of this section when the decrease is necessary or desirable. The commissioner may also require special reserves to protect the interests of members either by general regulation or for an individual credit union.