Louisiana Revised Statutes 6:805 – Withdrawal of savings accounts and shares
Terms Used In Louisiana Revised Statutes 6:805
- Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
- Depositor: means a holder of a savings, demand, or other type of deposit account of an association. See Louisiana Revised Statutes 6:703
- Member: means a person or entity holding a savings or demand account of or shares of a mutual association, and may include a person borrowing from or assuming or obligated upon a loan or interest therein held by such association if such is authorized by the charter or the bylaws of the association. See Louisiana Revised Statutes 6:703
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Savings account: means an account to which earnings, including interest, is paid or accrued. See Louisiana Revised Statutes 6:703
A. Except as otherwise provided in the instrument or document evidencing a savings account or shares, any member, depositor, or his authorized representative, or a person authorized by law may present at any time a written application for withdrawal of all or any part of his unpledged savings accounts or shares. This application shall be filed at any office of the association and shall request immediate withdrawal of a stated amount in accordance with this Part.
B. Any member or depositor may cancel his application at any time in full or in part by submitting such cancellation in writing.
C. Every association may number, date, and file in the order of actual receipt every withdrawal application.
D. No member or depositor shall have on file in any one association more than one application for the withdrawal of savings accounts or shares.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.