Whenever any shareholder shall be six months in arrears in the payment of any installment of his dues upon free shares, the secretary may give him notice thereof in writing and a statement of his arrearage; and if he shall not pay all arrearage within two months thereafter, the association may, at its option, declare his shares forfeited, and at the time of such forfeiture, the withdrawal value thereof shall be determined and stated, and the defaulting shareholder shall be entitled to withdraw the same without interest upon the same notice and subject to the same conditions as a withdrawing shareholder.

SOURCE: GC §41154.