§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 of the savings bank; and
(4) Issued in such series or classes as the bylaws and commissioner's regulations may provide.
B. There shall be no penalty, such as loss of interest thereon, on accounts transferred at interest or dividend payment date from passbook types to certificates of deposit within the same savings bank and not otherwise inconsistent with regulations of the Federal Deposit Insurance Corporation.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
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