(a) A withdrawableaccount holder may at any time make written application for withdrawal of allor any part of the withdrawal value thereof except to the extent the same maybe pledged as security for a loan, as recorded by the association. Theassociation shall number, date, and file every unpaid withdrawal application inthe order of actual receipt.
(b) An associationshall pay the total amount of the withdrawal value of a withdrawable accountupon application from the holder of the account, except as otherwise providedin this section. Payment shall be made in full, without exception, to holdersof withdrawable accounts whose withdrawable account totals one hundred dollars($100.00) or less.
(c) If an associationhas funds in the treasury and from current receipts in an amount insufficientto pay all long term withdrawable accounts which are mature and due and allapplications for withdrawal, then within seven days after such accounts matureor payment is due, the board of directors of such association shall provide byresolution:
(1) A statement of theamount of money available in each calendar month to pay maturities andwithdrawals, in accordance with safe and required operating procedures;provided, that after making provision for expenses, debts, obligations and cashdividends on withdrawable accounts, not less than one hundred percent (100%) ofthe remainder of cash treasury funds and current receipts shall be madeavailable for the payment of outstanding applications for withdrawal andmaturities;
(2) A list of maturedwithdrawable accounts in order of their maturity, and if in the same series, inorder of issuance within such series; and a list of applications for withdrawalin order of actual receipt;
(3) For a maximum sum,set by the Commissioner of Banks which shall be paid to any one holder of awithdrawable account, for which a maturity or an application for withdrawal hasnot been paid, in any one month; and if the maturity or withdrawal due shallexceed the sum so fixed, then the holder shall be paid such sum in his turnaccording to the due date of the maturity or the filing date of theapplication; and his application shall be deemed refiled for payment in orderin the next month; and such limited payment shall be made on a fixed date ineach month for so long as any application or maturity remains unpaid.
(d) A withdrawableaccount pledged by the holder as sole security or partial security for a loanshall be subject to the withdrawal provisions of this section, but anapplication for withdrawal from such account shall be paid only if theresulting balance in such account would equal or exceed the outstanding loanbalance, or portion thereof, secured by the withdrawable account. However, withdrawalof any additional amount from the account may be permitted, provided that suchpayment of such withdrawal application shall be applied first to theoutstanding balance of the loan.
(e) The contents of awithdrawable account may be accepted by an association in payment or partialpayment for any real property or other assets owned by the association andbeing sold.
(f) The holder of awithdrawable account which is mature and payable or for which application forwithdrawal has been made does not become a creditor of the association merelyby reason of such payment due to him.
(g) Any such resolutionadopted by an association's board of directors pursuant to this section shallbe submitted to the Commissioner of Banks for his approval or rejection. If he findssuch to be fair to all affected parties, he shall approve it. If he determinesotherwise, such resolution shall be rejected and the association shall notimplement any of its provisions. The Commissioner of Banks shall issue hisfindings within 10 days after receipt of the resolution.
(h) The membership in amutual association of a withdrawable account holder who has filed anapplication for withdrawal or whose account is mature and due shall remainunimpaired for so long as any withdrawal value remains to his credit upon thebooks of the association.
(i) An association maynot obligate itself to pay maturities and withdrawals under any provisionsother than the ones set forth in this section without prior approval of theCommissioner of Banks. (1981, c. 282, s. 3; 2001‑193, s. 16.)
(a) A withdrawableaccount holder may at any time make written application for withdrawal of allor any part of the withdrawal value thereof except to the extent the same maybe pledged as security for a loan, as recorded by the association. Theassociation shall number, date, and file every unpaid withdrawal application inthe order of actual receipt.
(b) An associationshall pay the total amount of the withdrawal value of a withdrawable accountupon application from the holder of the account, except as otherwise providedin this section. Payment shall be made in full, without exception, to holdersof withdrawable accounts whose withdrawable account totals one hundred dollars($100.00) or less.
(c) If an associationhas funds in the treasury and from current receipts in an amount insufficientto pay all long term withdrawable accounts which are mature and due and allapplications for withdrawal, then within seven days after such accounts matureor payment is due, the board of directors of such association shall provide byresolution:
(1) A statement of theamount of money available in each calendar month to pay maturities andwithdrawals, in accordance with safe and required operating procedures;provided, that after making provision for expenses, debts, obligations and cashdividends on withdrawable accounts, not less than one hundred percent (100%) ofthe remainder of cash treasury funds and current receipts shall be madeavailable for the payment of outstanding applications for withdrawal andmaturities;
(2) A list of maturedwithdrawable accounts in order of their maturity, and if in the same series, inorder of issuance within such series; and a list of applications for withdrawalin order of actual receipt;
(3) For a maximum sum,set by the Commissioner of Banks which shall be paid to any one holder of awithdrawable account, for which a maturity or an application for withdrawal hasnot been paid, in any one month; and if the maturity or withdrawal due shallexceed the sum so fixed, then the holder shall be paid such sum in his turnaccording to the due date of the maturity or the filing date of theapplication; and his application shall be deemed refiled for payment in orderin the next month; and such limited payment shall be made on a fixed date ineach month for so long as any application or maturity remains unpaid.
(d) A withdrawableaccount pledged by the holder as sole security or partial security for a loanshall be subject to the withdrawal provisions of this section, but anapplication for withdrawal from such account shall be paid only if theresulting balance in such account would equal or exceed the outstanding loanbalance, or portion thereof, secured by the withdrawable account. However, withdrawalof any additional amount from the account may be permitted, provided that suchpayment of such withdrawal application shall be applied first to theoutstanding balance of the loan.
(e) The contents of awithdrawable account may be accepted by an association in payment or partialpayment for any real property or other assets owned by the association andbeing sold.
(f) The holder of awithdrawable account which is mature and payable or for which application forwithdrawal has been made does not become a creditor of the association merelyby reason of such payment due to him.
(g) Any such resolutionadopted by an association's board of directors pursuant to this section shallbe submitted to the Commissioner of Banks for his approval or rejection. If he findssuch to be fair to all affected parties, he shall approve it. If he determinesotherwise, such resolution shall be rejected and the association shall notimplement any of its provisions. The Commissioner of Banks shall issue hisfindings within 10 days after receipt of the resolution.
(h) The membership in amutual association of a withdrawable account holder who has filed anapplication for withdrawal or whose account is mature and due shall remainunimpaired for so long as any withdrawal value remains to his credit upon thebooks of the association.
(i) An association maynot obligate itself to pay maturities and withdrawals under any provisionsother than the ones set forth in this section without prior approval of theCommissioner of Banks. (1981, c. 282, s. 3; 2001‑193, s. 16.)
(a) A withdrawableaccount holder may at any time make written application for withdrawal of allor any part of the withdrawal value thereof except to the extent the same maybe pledged as security for a loan, as recorded by the association. Theassociation shall number, date, and file every unpaid withdrawal application inthe order of actual receipt.
(b) An associationshall pay the total amount of the withdrawal value of a withdrawable accountupon application from the holder of the account, except as otherwise providedin this section. Payment shall be made in full, without exception, to holdersof withdrawable accounts whose withdrawable account totals one hundred dollars($100.00) or less.
(c) If an associationhas funds in the treasury and from current receipts in an amount insufficientto pay all long term withdrawable accounts which are mature and due and allapplications for withdrawal, then within seven days after such accounts matureor payment is due, the board of directors of such association shall provide byresolution:
(1) A statement of theamount of money available in each calendar month to pay maturities andwithdrawals, in accordance with safe and required operating procedures;provided, that after making provision for expenses, debts, obligations and cashdividends on withdrawable accounts, not less than one hundred percent (100%) ofthe remainder of cash treasury funds and current receipts shall be madeavailable for the payment of outstanding applications for withdrawal andmaturities;
(2) A list of maturedwithdrawable accounts in order of their maturity, and if in the same series, inorder of issuance within such series; and a list of applications for withdrawalin order of actual receipt;
(3) For a maximum sum,set by the Commissioner of Banks which shall be paid to any one holder of awithdrawable account, for which a maturity or an application for withdrawal hasnot been paid, in any one month; and if the maturity or withdrawal due shallexceed the sum so fixed, then the holder shall be paid such sum in his turnaccording to the due date of the maturity or the filing date of theapplication; and his application shall be deemed refiled for payment in orderin the next month; and such limited payment shall be made on a fixed date ineach month for so long as any application or maturity remains unpaid.
(d) A withdrawableaccount pledged by the holder as sole security or partial security for a loanshall be subject to the withdrawal provisions of this section, but anapplication for withdrawal from such account shall be paid only if theresulting balance in such account would equal or exceed the outstanding loanbalance, or portion thereof, secured by the withdrawable account. However, withdrawalof any additional amount from the account may be permitted, provided that suchpayment of such withdrawal application shall be applied first to theoutstanding balance of the loan.
(e) The contents of awithdrawable account may be accepted by an association in payment or partialpayment for any real property or other assets owned by the association andbeing sold.
(f) The holder of awithdrawable account which is mature and payable or for which application forwithdrawal has been made does not become a creditor of the association merelyby reason of such payment due to him.
(g) Any such resolutionadopted by an association's board of directors pursuant to this section shallbe submitted to the Commissioner of Banks for his approval or rejection. If he findssuch to be fair to all affected parties, he shall approve it. If he determinesotherwise, such resolution shall be rejected and the association shall notimplement any of its provisions. The Commissioner of Banks shall issue hisfindings within 10 days after receipt of the resolution.
(h) The membership in amutual association of a withdrawable account holder who has filed anapplication for withdrawal or whose account is mature and due shall remainunimpaired for so long as any withdrawal value remains to his credit upon thebooks of the association.
(i) An association maynot obligate itself to pay maturities and withdrawals under any provisionsother than the ones set forth in this section without prior approval of theCommissioner of Banks. (1981, c. 282, s. 3; 2001‑193, s. 16.)
