Louisiana Revised Statutes 6:807 – Amounts payable
Terms Used In Louisiana Revised Statutes 6:807
- 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
- Commissioner: means the commissioner of financial institutions, of the state of Louisiana, in his capacity as supervisor of 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
- Share: means any share, certificate, security, account, or other evidence of funds invested in a mutual association by a member thereof, other than a savings or demand account. See Louisiana Revised Statutes 6:703
- Withdrawal value: means the amount credited to the shares of a member or to a savings or demand account, less lawful deductions therefrom, as shown on the records of the association. See Louisiana Revised Statutes 6:703
A. If sufficient funds have been made available and if the association so elects, it may at any time pay in full each application as presented. It shall not, however, pay some in full unless it can pay every application on file in full.
B. Payments shall be made in order of actual receipt of applications in the form of cash or one or more checks or similar instruments payable to the order of the member, depositor, or to the order of others as directed, in the following amounts:
(1) The withdrawal value of savings accounts, together with any earnings which may have been declared and may have accrued thereon, for the current period.
(2) The withdrawal value of shares or savings accounts, together with all earnings or interest declared thereon or earnings allotted thereto, previous to the date of the filing of the application.
C. From the amounts to be received by the withdrawing member or depositor, there shall be deducted:
(1) The percentage of allotted earnings or interest that may be retained on account of withdrawing before its maturity in accordance with the articles of incorporation or bylaws, and
(2) In the case of either shares or savings accounts, the unpaid charges and pro rata share of any losses prior to the date of the filing of the application in excess of the amount in the contingent loss account, if such account is determined by the commissioner to be necessary.
D. However, holders of fixed maturity savings accounts may not withdraw prior to maturity except for a recognized emergency, in which case the members or depositors holding such accounts shall be paid the withdrawal value of the accounts, plus all earnings or interest allotted thereto, previous to the date the accounts were presented to the association for withdrawal.
Acts 1970, No. 234, §1. Acts 1983, No. 675, §1.