(1) A credit union shall at all times keep a proportion of its total assets in liquid form (hereinafter referred to as "liquid assets"), being such a proportion and having such a composition as to enable the credit union to meet its liabilities as they arise.
(2) For the purpose of complying with subsection (1), a credit union shall have regard to the range and scale of its business and the composition of its assets and liabilities; but nothing in this Act shall be taken to prevent a credit union keeping liquid assets in addition to those required for complying with subsection (1).
(a) a ratio specified in the requirement,
(b) a ratio which does not exceed a ratio so specified, or
(c) a ratio which is not less than a ratio so specified,
and a ratio may be so specified as a percentage of the assets or liabilities concerned.