§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;
(3) Size of initial payments on accounts;
(4) Minimum balances of accounts required for payment of interest;
(5) Frequency and extent of the activity of accounts; or
(6) Such other classifications as the commissioner may approve.
B. Interest need not be allocated to any withdrawable account which has a withdrawal value of less than ten dollars on the record date with respect to which interest is paid.
C. The board of directors shall determine by resolution the method of calculating the amount of any interest on withdrawable accounts and the date on which the same is to be paid or credited.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
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