HARRY HUGHES, Governor

3079

COMMITTEE COMMENT: This section replaces the fifth
through tenth sentences from Art. 23, § 161X(a).

In subsection (b) of this section, the former
phrase "have an absolute right" as to the board
of directors was deleted as unnecessary.

"Savings and loan association" and "savings share
account" are defined in § 9-101 of this title.

9-410. PRO RATA PLAN OF WITHDRAWALS.

(A)  EXCLUSIVE PLAN OF WITHDRAWAL.

A SAVINGS AND LOAN ASSOCIATION MAY NOT OBLIGATE ITSELF
TO PAY WITHDRAWALS ON ANY PRO RATA PLAN EXCEPT THE PRO RATA
PLAN OF WITHDRAWAL PROVIDED IN SUBSECTION (B) OF THIS
SECTION.

(B)  PLAN.

(1)  ON THE FIRST DAY OF EACH MONTH, A SAVINGS
AND LOAN ASSOCIATION SHALL PAY PRO RATA EACH WITHDRAWAL
REQUEST ON FILE SINCE THE FIRST DAY OF THE PRECEDING
CALENDAR MONTH.

(2)  ON THE FIRST DAY OF EACH MONTH, A SAVINGS
AND LOAN ASSOCIATION SHALL ALLOCATE AT LEAST ONE-THIRD OF
THE MONEY IT HAS RECEIVED FROM MEMBERS AND BORROWERS DURING
THE PRECEDING CALENDAR MONTH, EXCLUSIVE OF INTEREST AND
EXPENSE ACCOUNT PAYMENTS, TO THE PAYMENTS DUE UNDER
PARAGRAPH (1) OF THIS SUBSECTION.

(3)  FOR PURPOSES OF PARAGRAPHS (1) AND (2) OF
THIS SUBSECTION, UNLESS A SAVINGS AND LOAN ASSOCIATION
RECEIVES A WRITTEN NOTICE TO CANCEL THE WITHDRAWAL REQUEST,
A WITHDRAWAL REQUEST IS CONSIDERED REFILED ON THE FIRST DAY
OF EACH SUCCEEDING MONTH UNTIL ITS STATED AMOUNT IS MET.

(4)  A SAVINGS AND LOAN ASSOCIATION MAY NOT
OBLIGATE ITSELF TO PAY MORE THAN THE AMOUNT REQUIRED UNDER
PARAGRAPH (2) OF THIS SUBSECTION.

(C)  NOTICE; CANCELLATION OF REQUEST.

(1)  A SAVINGS AND LOAN ASSOCIATION SHALL SEND
ANY NOTICE ABOUT ANY WITHDRAWAL PLAN TO EACH APPLICANT FOR
WITHDRAWAL AT THE LAST ADDRESS OF THE APPLICANT ON THE
ASSOCIATION'S RECORDS.

(2)  IF AFTER NOTICE OF THE PLAN, AN APPLICANT
DOES NOT APPLY IN PERSON OR IN WRITING FOR PAYMENT ON THE
WITHDRAWAL REQUEST ON FILE, THE SAVINGS AND LOAN ASSOCIATION
SHALL CANCEL THE WITHDRAWAL REQUEST.

(D)  PROHIBITION.