HARRY HUGHES, Governor

473

AND LOAN ASSOCIATION SHALL PAY PRO RATA EACH WITHDRAWAL
REQUEST THAT HAS BEEN 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 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
ANT NOTICE ABOUT ANT 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.

REVISOR'S NOTE: This section is new language derived
without substantive change from the eleventh
sentence of Art. 23, § 161X(a) and from the first
seven sentences of (b).

The present references in Art. 23, § 161X(b) to
"{e}ach succeeding month each such application
shall receive its ratable or pro rata share of
said receipts as aforesaid" and "{s}uch 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." are deleted as included in
subsection (b) (1) and (3) of this section.

As to subsection (b)(2) of this section, the
present phrase in Art. 23, § 161X(b) "{a)ny
association may apply to withdrawals an amount
larger than one third (1/3) of such receipts as
aforesaid" is deleted as included in "at least".

As to subsection (c) (1) of this section, the
phrase "on the association's records" is added
for clarity and the present phrase "by mail" is