NY Banking L § 390 (2021)
2021 New York Laws BNK - Banking Article 10 - Savings and Loan Associations 390 - Withdrawal of Unpledged Shares; Provisions for Dividends.

§ 390.  Withdrawal  of  unpledged shares; provisions for dividends. 1.   The accumulations upon shares of any savings and loan association  which   are not pledged to the association to secure a loan, whether or not such   shares  are  matured, may be withdrawn subject to the provisions of this   chapter and of the by-laws and regulations of the  association  made  in   accordance  therewith.  In addition to his rights as a shareholder of an   association, a shareholder shall be a creditor of the association to the   extent of all dues and dividends credited to him. An association may  by   regulation  adopted  by  resolution  of its board of directors require a   written notice of thirty days before paying withdrawals, in which  event   no  withdrawal shall be paid until thirty days after notice of intention   to make the withdrawal shall have been filed. It shall on the  day  such   regulation  is  made effective notify the superintendent by telephone or   telegraph that such  regulation  has  been  made  and  shall  thereafter   number,  date  and  file  in the order of actual receipt every notice of   intention to make a withdrawal. Except  as  provided  in  section  three   hundred seventy-eight-a of this chapter, no savings and loan association   shall  hereafter  agree with any of its shareholders in advance to waive   the said thirty days' notice. Except in  the  case  of  special  savings   shares, if the by-laws so provide, a special dividend may be credited on   shares  withdrawn between regular dividend dates at the rate of the last   dividend, computing from the last dividend period to the  first  day  of   the month in which such withdrawal is made.1-a.  A  savings  and  loan  association  may  permit a shareholder to   withdraw the accumulations upon his shares of the association which  are   not  pledged  to  the  association to secure a loan, whether or not such   shares are matured, through a disbursing savings  and  loan  association   that  is  a  member  of the federal deposit insurance corporation if the   office of the disbursing  association  through  which  payment  of  such   withdrawal  is  made is located more than fifty miles from the principal   dwelling place  of  such  shareholder.  The  association  may  authorize   payment  by  the  disbursing  association only upon receiving a specific   telephonic withdrawal request, which may be  oral  or  electronic,  from   such  shareholder, and the amount so paid shall be immediately withdrawn   from the shareholder's account at such association. A savings  and  loan   association  providing  withdrawal services pursuant to this subdivision   one-a may, but is not required to: (a)  charge  a  fee  to  shareholders   making  such withdrawals, (b) place a limitation upon the amount of such   withdrawal requests, and (c) pay a fee to the disbursing association.  A   savings  and loan association may also act as the disbursing association   in a similar withdrawal transaction from such accumulations on shares in   another association that is a member of the  federal  deposit  insurance   corporation,  and  may  collect a fee for its services. This subdivision   one-a shall not apply  to  time  deposits  received  by  an  association   pursuant to section three hundred seventy-eight-a of this chapter.2.  If a member shall not apply for the withdrawal within fifteen days   after the  expiration  of  the  thirty  days'  notice  of  intention  no   withdrawal  shall  be  payable  under  such notice or by reason thereof.   While any withdrawal application made pursuant to the required notice of   intention remains in effect and unpaid, no withdrawal  application  made   pursuant  to  a notice of intention subsequently filed shall be paid and   no loan may be made secured by transfer or pledge of shares,  nor  shall   shares be retired or applied by the association, or by the member toward   the  payment  of fines and obligations due to the association, nor shall   dividends be declared or paid.3. Upon the withdrawal of instalment or  accumulative  prepaid  shares   prior  to their maturity, or upon the withdrawal of income shares issued   for a fixed term prior to the expiration of such fixed term,  a  portion    of  the  dividends  credited  to  such  shares  may  be  retained by the   association as its own property, in accordance with a schedule,  clearly   and  fully  set  forth  in  the by-laws. Such schedule shall make proper   provision  with  respect  to  each  class  of  share, and in the case of   instalment shares shall take into account the period  such  shares  have   been  in  force,  provided,  however, that the portion of such dividends   that may be retained by the association upon the withdrawal of  a  share   shall  in  no  case exceed forty per centum of the dividends apportioned   and credited upon such share.4. The board of directors may permit a member to withdraw part of  the   accumulations  on  his  shares,  other  than instalment shares issued in   series, without reducing the number of shares held by him.5. Subject to any  regulations  and  restrictions  prescribed  by  the   superintendent of financial services, a savings and loan association may   accept  deposits,  including  demand deposits, without the issuance of a   passbook in connection therewith, and may issue such other evidences  of   its obligation to repay such deposits as may be appropriate to safeguard   the interests of the depositors and of the savings and loan association.6. In case of conflict between this section and any other provision of   law, this section shall control.