6-443

6-443. Bonus plans

For the purpose of encouraging thrift, systematic savings and long-term investment,
the board of directors may establish by resolution bonus plans for holders of
accounts. The board then shall transfer from the periodical profits of the association
additional amounts to a bonus reserve, from which reserve payments to holders complying
with such plans shall be paid. Every bonus so paid shall be deemed a premium and shall
not be construed as a dividend. The bonus plan adopted by the board of directors shall
be either one prescribed by the regulations of the federal deposit insurance corporation
or its successor instrumentality or shall be in accordance with the following provisions:

1. The holder shall agree to make regular payments at least monthly, of any
predetermined amount, until the payments, together with dividends apportioned thereto,
equal two hundred times the agreed monthly payment and without a delay of more than
thirty days in any payment, without a prepayment of more than twelve months and without
making application for withdrawal of all or any part of the account. At the end of the
bonus period, the holder shall receive, in addition to the regular monthly payments and
dividends apportioned thereto, a bonus at the rate of one per cent per annum computed on
the withdrawal value of the account at each apportionment of profits. If the holder
applies for withdrawal of his account in part or in full or fails to meet any and all the
other terms of his bonus agreement after such account, including dividends apportioned
thereto, has reached:

(a) At least fifty but less than one hundred times the agreed monthly payment upon
his account in accordance with the terms thereof, such holder shall be entitled to
receive one-fourth of the bonus allocable to such account.

(b) At least one hundred but less than one hundred fifty times the agreed monthly
payment upon his account in accordance with the terms thereof, such holder shall be
entitled to receive one-half of such bonus allocable to such account.

(c) At least one hundred fifty but less than two hundred times the agreed monthly
payment upon his account in accordance with the terms thereof, such holder shall be
entitled to receive three-fourths of such bonus allocable to such account.

2. The holder shall subscribe to a long-term investment plan providing that if he
maintains in his account an agreed minimum balance either:

(a) For a period of four years, he shall be paid a bonus of one-half of one per
cent per annum.

(b) For a period of eight years, he shall be paid a bonus of one per cent per
annum.

The plan may state the minimum and maximum balances on which a bonus may be paid.

3. If the association effects an enforced retirement of an account which is under a
bonus plan before the bonus becomes payable according to the plan, the portion of the
bonus reserve allocable to the account shall be paid to the holder.