RS 6:1251 – Withdrawable accounts; general definitions Withdrawable accounts may be referred to as shares, share capital, share accounts, share deposits, certificates of deposit, withdrawable shares, withdrawable accounts, withdrawable capital, withdrawable deposits, deposits, capital accounts, savings accounts, demand deposit accounts, checking accounts, or any other term or terms appropriate. Interest paid on withdrawable accounts pursuant […]
RS 6:1252 – Prohibited activities A. No savings bank shall participate, directly or indirectly, in the sale or transfer of any equity or debt security or instrument of any affiliate of the savings bank or the parent holding company of the savings bank or its affiliates. B. No shareholder, director, officer, employee, or agent of […]
RS 6:1253 – Withdrawable accounts A. Withdrawable accounts shall be: (1) Withdrawable and subject to enforced retirement as provided in this Part. Nothing in this Chapter shall prevent the withdrawal of funds from a savings bank by nonnegotiable order; (2) Entitled to interest as provided in this Part; (3) Nonassessable for either debts or losses […]
RS 6:1254 – Issuance, delivery, and transfer of certificates and account books A. Every withdrawable account shall be evidenced by one or more appropriate certificates or account book; and either such certificates or an account book, or both, shall be delivered to the holder of such account. The wording, type, and form of the certificates […]
RS 6:1255 – Joint account; trust account; payment on death account A. If two or more persons opening or holding a withdrawable account shall execute a written agreement with the savings bank providing that the account shall be payable to any one of them or the survivor of them, the account, and any balance thereof […]
RS 6:1256 – Effect of payment to minor or fiduciary A. Unless the written agreement provides otherwise, or unless the savings bank has had written notice of the terms under which a fiduciary holds a withdrawable account, the savings bank may make loans on the security of withdrawable accounts or pay the value thereof and […]
RS 6:1257 – Payment on legal disability or death of holder in holder’s own right of a withdrawable account A. If the holder of a withdrawable account is adjudicated to be a person under legal interdiction by a court of competent jurisdiction, then the savings bank may pay the value of such withdrawable account and […]
RS 6:1258 – Voluntary withdrawal of accounts A. A holder of a withdrawable account may make application to withdraw it and the savings bank may pay all or any part of the withdrawal value thereof at any time. However, a savings bank may enter into a contract pursuant to the laws of the United States […]
RS 6:1259 – Enforced retirement of withdrawable accounts A. The board of directors, when authorized by the bylaws and in conformity with the provisions of this Part and of the bylaws, may retire any withdrawable accounts which have not been pledged as security for loans by enforcing the retirement thereof. B. A thirty-day notice of […]
RS 6:1260 – Authorized charges A. A savings bank may charge a penalty for nonpayment when due, of installments, interest, or premiums on loans. B. A savings bank may make such charges or receive reimbursement for any expenses, other than ordinary business expenses, incurred by it or as provided by any contract. C. All fees, […]
RS 6:1261 – Withdrawable accounts subject to liens Every withdrawable account shall be subject to a lien for the payment of such charges as lawfully may accrue thereon under the provisions of this Chapter, and the bylaws may prescribe the manner of enforcing such lien, but no withdrawable account shall be assessable for any losses […]
RS 6:1262 – Demand deposits; checking account A. A savings bank may offer demand deposit amounts, checking accounts, or any similar account upon which withdrawals may be made by negotiable order, check, or draft. B. A savings bank may pay interest on demand deposit, checking, or any similar account in accordance with the Part of […]
RS 6:1263 – Payment of interest A. The board of directors shall determine the rate and amount of interest to be paid on withdrawable accounts and for that purpose may establish reasonable classifications of withdrawable accounts, based on: (1) Types of classes of such accounts; (2) The length of time accounts are continued in effect; […]
RS 6:1264 – Holders of withdrawable accounts Withdrawable accounts of a savings bank may be held: (1) By any individual in his own right, regardless of his age or marital status, or by two or more of such individuals; (2) By a fiduciary when authorized by law; (3) By a government or governmental instrumentality when […]
