17:12B-139 - Rotation plan
17:12B-139.Ā Rotation plan
If any State association operating under any plan other than Plan I, as defined in section 76 of this act, shall find that within the first 10 days of any fiscal month, the funds of such State association, available for the payment of withdrawals, in accordance with the provisions of section 138 of this act, shall be insufficient to pay in full all withdrawal applications which shall have been filed with it on or before the first day of its precedingĀ fiscal month, each such withdrawal application shall be paid in the order inĀ which it was filed, $50.00 on account, or the balance due thereon, whichever isĀ less;Ā and, if the available funds are sufficient to make more than one suchĀ payment upon each such application, such rotating payment process shall beĀ repeated until the available funds are exhausted. Each month thereafter theĀ rotation payments shall begin with the application next following the one uponĀ which the last preceding rotation payment was made. So long as such StateĀ association is operating upon the rotation payment plan, no member shall haveĀ more than one withdrawal application on file at a time.Ā Any State associationĀ operating under the provisions of this section shall immediately notify theĀ commissioner of such operation.
L.1963, c. 144, s. 139.
If any State association operating under any plan other than Plan I, as defined in section 76 of this act, shall find that within the first 10 days of any fiscal month, the funds of such State association, available for the payment of withdrawals, in accordance with the provisions of section 138 of this act, shall be insufficient to pay in full all withdrawal applications which shall have been filed with it on or before the first day of its precedingĀ fiscal month, each such withdrawal application shall be paid in the order inĀ which it was filed, $50.00 on account, or the balance due thereon, whichever isĀ less;Ā and, if the available funds are sufficient to make more than one suchĀ payment upon each such application, such rotating payment process shall beĀ repeated until the available funds are exhausted. Each month thereafter theĀ rotation payments shall begin with the application next following the one uponĀ which the last preceding rotation payment was made. So long as such StateĀ association is operating upon the rotation payment plan, no member shall haveĀ more than one withdrawal application on file at a time.Ā Any State associationĀ operating under the provisions of this section shall immediately notify theĀ commissioner of such operation.
L.1963, c. 144, s. 139.