RS 6:801 – Savings liability; demand deposit liability A. The savings account liability and the demand deposit account liability of an association is not limited, and shall consist only of the aggregate amount of accounts of depositors and shares of members, plus earnings credited to such shares and accounts, less redemption and withdrawal payments. B. […]
RS 6:802 – Contingent loss account A contingent loss account may be established and shall be established if the commissioner so directs. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
RS 6:803 – Earnings; payment Except as otherwise provided by this Chapter and the articles or bylaws, an association may pay earnings on its savings accounts or shares from sources available for payment of earnings at such rate and at such times as shall be determined by resolution of its board of directors. The board […]
RS 6:804 – Casual deposits An association may receive casual deposits in connection with incomplete loans, fire losses, or building contracts and any other monies which an association may hold for its members, stockholders, or other persons in accordance with its business and operations. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
RS 6:805 – Withdrawal of savings accounts and shares A. Except as otherwise provided in the instrument or document evidencing a savings account or shares, any member, depositor, or his authorized representative, or a person authorized by law may present at any time a written application for withdrawal of all or any part of his […]
RS 6:806 – Board to determine amounts to be withdrawn The attribution to be made from receipts or other assets for the payment of withdrawals shall be under the sole control and administration of the board of directors, which shall determine the amount to be used for the payment of said withdrawals. Before making any […]
RS 6:807 – Amounts payable A. If sufficient funds have been made available and if the association so elects, it may at any time pay in full each application as presented. It shall not, however, pay some in full unless it can pay every application on file in full. B. Payments shall be made in […]
RS 6:808 – Insufficient funds; notices A. Whenever the proportion of receipts ordinarily made applicable to the demands of withdrawing members or depositors is not sufficient to pay all such demands for either savings accounts or shares, including those accounts which have matured due to an emergency situation, within sixty days from the date of […]
RS 6:809 – Board may prescribe rules A. The board of directors shall have full authority to prescribe such rules as, in its discretion, may be suitable to prevent members or depositors from making any simulated or otherwise improper transfer of shares or savings accounts in order to appear more than once on the withdrawal […]
RS 6:810 – Rights of withdrawing members A. A member or depositor who has served notice of his intention to withdraw remains a member or depositor, but shall have the status of and be classified as a withdrawing member or depositor. His rights and privileges are prescribed, limited, and defined exclusively by the provisions and […]
RS 6:811 – New loans and payment of debts during existence of withdrawal list A. The existence of a withdrawal list shall not prevent the making of new loans to new or continuing members or depositors, or to those to whom loan commitments have been given; however, when there is a withdrawal list, not more […]
RS 6:812 – Commissioner’s action may stop withdrawal procedure A. Whenever the amount of withdrawal exceeds sixty percent of the accumulated capital of any mutual association, the commissioner, if he believes that the condition of the association justifies such an order, may direct that the payment or withdrawals as above provided be discontinued, and that […]
RS 6:813 – Prohibition against institution of action No suit shall be instituted by a withdrawing member or by a depositor against an association, its officers, or representatives, except for a violation of the provisions of this Part or to enforce compliance therewith. Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.
RS 6:814 – Redemption A. At any time funds are on hand for the purpose of redeeming accounts or shares, the association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts or shares on an earnings or […]
