Section 2: Organisation and operation

Municipal credit unions must keep accounts in accordance with a chart of accounts drawn up by joint order of the Minister for the Budget and the Minister for the Interior.

I. – The assets of each municipal credit union comprise : 1° The movable and immovable property owned by it ; 2° Profits and bonuses acquired under the conditions set out in article L. 514-4, with the exception of sums that the Guidance and Supervisory Board decides to allocate to social welfare organisations; 3° Subsidies received. II. – The municipal credit unions carry out their operations using the free funds…

The municipal credit union budget comprises an operating section and an endowment section. Each section is divided into chapters and articles. The operating section shows the institution’s income and expenditure, including annual allocations to depreciation and provisions. The endowment section presents, under income and expenditure, all transactions relating to the endowment of the establishment.

The budget of the municipal credit unions is accompanied by an estimate of financial transactions which group these transactions, according to their purpose, under three headings: 1° Loan transactions ; 2° Means of financing ; 3° Use of available funds.

The provisions of decree no. 64-1183 of 27 November 1964 relating to the replacement or reimbursement of damaged, destroyed, lost or stolen government bonds apply to savings bonds issued by municipal credit unions.