17-5414.Repurchase procedure to be followed by association.
The association shall have the right to repurchase its shares at any
time upon application therefor and to pay to the holders thereof the
repurchase value thereof. Holders of shares shall have the right to file
with the association their written applications to repurchase their shares,
in part or in full, at any time. Upon the filing of such written
applications to repurchase, the association shall number and file the same
in the order received and shall either pay the holder the repurchase value
of the shares, in part or in full as requested, or, after thirty (30) days
from the receipt of such application to repurchase, apply at least
one-third of the receipts of the association from holders of shares and
borrowers, to the repurchase of such shares in numerical order:
Provided, That if any holder of a share applies for the repurchase of
more than one thousand dollars ($1,000) of his shares, he shall be paid one
thousand dollars ($1,000) in order when reached, and his application shall
be charged with such amount as paid and shall be renumbered and placed at
the end of the list of applications to repurchase, and thereafter, upon
again being reached shall be paid a like amount, but not exceeding the
value of his shares, and until paid in full shall continue to be so paid,
renumbered, and replaced at the end of the list. When an application to
repurchase is reached for payment as above provided, a written notice shall
be sent to the applicant by registered mail at his last address recorded on
the books of the association, and, unless the applicant shall apply in
person or in writing for such repurchase payment within thirty (30) days
from the date of mailing such notice, no payment on shares of such
application shall be made and such application shall be canceled. The board
of directors shall have the absolute right to repurchase not exceeding two
hundred dollars ($200) of any one share of any one holder in any one month
in any order regardless of whether or not such holder has filed an
application for repurchase. Holders of shares filing written application
for repurchase shall remain holders of shares and be entitled to
participate in dividends until paid and shall not become creditors.
History: L. 1943, ch. 133, § 72; L. 1951, ch. 212, § 1; June 30.
17-5414.Repurchase procedure to be followed by association.
The association shall have the right to repurchase its shares at any
time upon application therefor and to pay to the holders thereof the
repurchase value thereof. Holders of shares shall have the right to file
with the association their written applications to repurchase their shares,
in part or in full, at any time. Upon the filing of such written
applications to repurchase, the association shall number and file the same
in the order received and shall either pay the holder the repurchase value
of the shares, in part or in full as requested, or, after thirty (30) days
from the receipt of such application to repurchase, apply at least
one-third of the receipts of the association from holders of shares and
borrowers, to the repurchase of such shares in numerical order:
Provided, That if any holder of a share applies for the repurchase of
more than one thousand dollars ($1,000) of his shares, he shall be paid one
thousand dollars ($1,000) in order when reached, and his application shall
be charged with such amount as paid and shall be renumbered and placed at
the end of the list of applications to repurchase, and thereafter, upon
again being reached shall be paid a like amount, but not exceeding the
value of his shares, and until paid in full shall continue to be so paid,
renumbered, and replaced at the end of the list. When an application to
repurchase is reached for payment as above provided, a written notice shall
be sent to the applicant by registered mail at his last address recorded on
the books of the association, and, unless the applicant shall apply in
person or in writing for such repurchase payment within thirty (30) days
from the date of mailing such notice, no payment on shares of such
application shall be made and such application shall be canceled. The board
of directors shall have the absolute right to repurchase not exceeding two
hundred dollars ($200) of any one share of any one holder in any one month
in any order regardless of whether or not such holder has filed an
application for repurchase. Holders of shares filing written application
for repurchase shall remain holders of shares and be entitled to
participate in dividends until paid and shall not become creditors.
History: L. 1943, ch. 133, § 72; L. 1951, ch. 212, § 1; June 30.
17-5414.Repurchase procedure to be followed by association.
The association shall have the right to repurchase its shares at any
time upon application therefor and to pay to the holders thereof the
repurchase value thereof. Holders of shares shall have the right to file
with the association their written applications to repurchase their shares,
in part or in full, at any time. Upon the filing of such written
applications to repurchase, the association shall number and file the same
in the order received and shall either pay the holder the repurchase value
of the shares, in part or in full as requested, or, after thirty (30) days
from the receipt of such application to repurchase, apply at least
one-third of the receipts of the association from holders of shares and
borrowers, to the repurchase of such shares in numerical order:
Provided, That if any holder of a share applies for the repurchase of
more than one thousand dollars ($1,000) of his shares, he shall be paid one
thousand dollars ($1,000) in order when reached, and his application shall
be charged with such amount as paid and shall be renumbered and placed at
the end of the list of applications to repurchase, and thereafter, upon
again being reached shall be paid a like amount, but not exceeding the
value of his shares, and until paid in full shall continue to be so paid,
renumbered, and replaced at the end of the list. When an application to
repurchase is reached for payment as above provided, a written notice shall
be sent to the applicant by registered mail at his last address recorded on
the books of the association, and, unless the applicant shall apply in
person or in writing for such repurchase payment within thirty (30) days
from the date of mailing such notice, no payment on shares of such
application shall be made and such application shall be canceled. The board
of directors shall have the absolute right to repurchase not exceeding two
hundred dollars ($200) of any one share of any one holder in any one month
in any order regardless of whether or not such holder has filed an
application for repurchase. Holders of shares filing written application
for repurchase shall remain holders of shares and be entitled to
participate in dividends until paid and shall not become creditors.
History: L. 1943, ch. 133, § 72; L. 1951, ch. 212, § 1; June 30.