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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

previous next Effective - 06 Jul 1994, see footnotebottom

  369.209.  Withdrawal, how, when — failure to pay withdrawal applications, powers of director. — 1.  Except for accounts which provide for a specified contractual time or notice or are subject to a pledge, and, subject to the right of the association to require advance notice of withdrawal, an account owner at any time may present a written application for withdrawal of all or any part of the account owner's account.  The association may by resolution of the board of directors require advance notice of not more than thirty days of an intent to file an application for withdrawal.  Every application shall request immediate withdrawal of the stated amount and no account owner shall have on file more than one application.  Any account owner may cancel the account owner's application by written notice.  Every association either shall pay or shall number, date and file in the order of actual receipt every withdrawal application.  Withdrawals shall be made in the order of actual receipt of applications except as provided in this section or by regulation of the director of the division of finance.  Upon withdrawal, an association shall pay the withdrawal value of the account.

  2.  The director of the division of finance may by regulation establish the rules and procedures to apply in the event the association is unable to pay all applications for withdrawal as made including a rotation plan or any other plan for the equitable payment of withdrawals, the payment in full of accounts less than a named amount, the application of receipts to withdrawals, and the circumstances and conditions under which the failure of the association to pay withdrawals as applied for shall be deemed the conduct of its business in an unsafe or injurious manner within the meaning of section 369.339.

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(L. 1971 S.B. 3 § 41, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)

Effective 7-06-94


---- end of effective   06 Jul 1994 ----

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