J. MILLARD TAWES, GOVERNOR 23

in any one association more than one application at a time. Every
application shall request immediate withdrawal of a stated amount
in accordance with this Section. Any member may cancel his ap-
plication at any time in whole or in part in writing. Every association
shall pay, or 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.
Upon withdrawal, an association shall pay the value of any free share
account as determined by the board of directors, but not in excess
of the withdrawal value thereof. If an association so elects, it may
at any time pay in full each and every application as presented. ^ It
shall not, however, pay some in full unless it pays every application
on file in full, except by paying all applications on file on the ratable
or pro rata plan prescribed in this Section. The board of directors
shall, however, have an absolute right to pay upon any application
not exceeding two hundred dollars ($200. 00) to any one account
holder in any one month in any order. No association shall obligate
itself to pay withdrawals on any plan other than as provided in this
Section. Free shareholders who have filed written application for
withdrawal shall remain free share members as long as their ap-
plications remain on file. No dividends shall be declared on that
portion of an account which has been noticed for withdrawal, which
for dividend purposes is required to be deducted from the latest
previous additions to such account, as long as such application is on
file.

(b) Plan of withdrawal; notices; withdrawing account holders not
creditors. The ratable or pro rata plan of withdrawals is as follows:
On the first day of each month, each application which has been on
file since the first day of the preceding month shall be paid its ratable
or pro rata share. At least one-third (I/S) of the receipts of the
association from its members during the preceding calendar month,
exclusive of interest and expense account payments shall be applied
on the first day of each month to the payment of applications which
have been on file since the first day of the preceding month. Each
succeeding month each such application shall receive its ratable
or pro rata share of said receipts as aforesaid; each such applica-
tion shall be deemed refiled the first of each succeeding month unless
withdrawn in writing. Such limited payment on the first of each
month, and such renumbering, shall take place on the first day of
each subsequent month as long as there are applications unpaid. Any
association may apply to withdrawals an amount larger than one-
third (1/3) of such receipts aforesaid, but cannot obligate itself
to do so. All notices with respect to an application for withdrawal
as aforesaid shall be sent to the applicant by mail at his last address.
Unless the applicant shall apply in person or by writing for such
withdrawal within thirty (SO) days^ from the date of such notice, no
payment on account of such application shall be made, and such
application shall be cancelled. Such withdrawing members shall not
at any time be deemed creditors of said association, either before
or after the notice to withdraw, and said withdrawing members shall
have no right of action at law or in equity against said association
for the repayment of any amount sought to be withdrawn unless
and until a default shall occur in said payments as provided for
above, and then only at law, and to the extent of the secured payments
due as above provided.