Missouri Revised Statutes













Chapter 369

Savings and Loan Associations

←369.204

Section 369.209.1

369.211→

August 28, 2015

Withdrawal, how, when--failure to pay withdrawal applications, powers of director.

369.209. 1. Except for accounts which provide for a specified

contractual time or notice or are subject to a pledge, and, subject to the

right of the association to require advance notice of withdrawal, an account

owner at any time may present a written application for withdrawal of all or

any part of the account owner's account. The association may by resolution

of the board of directors require advance notice of not more than thirty days

of an intent to file an application for withdrawal. Every application shall

request immediate withdrawal of the stated amount and no account owner shall

have on file more than one application. Any account owner may cancel the

account owner's application by written notice. Every association either

shall pay or shall number, date and file in the order of actual receipt every

withdrawal application. Withdrawals shall be made in the order of actual

receipt of applications except as provided in this section or by regulation

of the director of the division of finance. Upon withdrawal, an association

shall pay the withdrawal value of the account.



2. The director of the division of finance may by regulation establish

the rules and procedures to apply in the event the association is unable to

pay all applications for withdrawal as made including a rotation plan or any

other plan for the equitable payment of withdrawals, the payment in full of

accounts less than a named amount, the application of receipts to

withdrawals, and the circumstances and conditions under which the failure of

the association to pay withdrawals as applied for shall be deemed the conduct

of its business in an unsafe or injurious manner within the meaning of

section 369.339.



(L. 1971 S.B. 3 § 41, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)



Effective 7-6-94







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