6-423

6-423. Accounts

A. An association may maintain all types of deposit accounts and prescribe those
terms and conditions relating to the accounts as are permissible for the association to
maintain the insurance of its deposits by the federal deposit insurance corporation.

B. Accounts are:

1. Withdrawable and subject to enforced retirement as provided in this
article. This chapter does not prevent the withdrawal of funds from an association by
negotiable or nonnegotiable order.

2. Entitled to dividends as provided in this article.

3. Nonassessable for either debts or losses of the association.

4. Issued on such plan or plans of payment and in such series or classes as the
bylaws may provide, which plan or plans of payment may include:

(a) Regular installment plan with agreed weekly or monthly payments, with dividends
credited to or in behalf of the account until the ultimate value agreed upon in the
subscription is reached.

(b) Full paid plan with one single payment of one hundred dollars per unit and
dividends payable in cash unless by agreement credited to the account.

(c) Prepaid plan with one single payment in such amount per unit as is set forth in
the bylaws and dividends credited to such account until the ultimate value of one hundred
dollars per unit is reached.

(d) Optional plan with payments in such amount or amounts and at such times as the
holder may elect and dividends credited to such account unless by agreement payable in
cash.

(e) Any other plan of payment which the superintendent may approve as conforming to
sound savings and loan practice.