4214

EXECUTIVE ORDERS

conservatorship.

(3)  "Controlling person" means any director or
executive officer of a savings and loan association
or of an entity that owns 10% or more of stock in
an association.

(4)  "Withdrawal" includes a pledge of a deposit in a
savings and loan association for a loan made by
that association to the depositor.

(b) Except as provided in Sections (c), (d), and (e) of this
Order, or as the laws of the United States may otherwise
require, the withdrawal of any and all savings accounts
and other deposits in any and all savings and loan
associations shall be limited as follows: a savings
account holder or other depositor may withdraw from each
savings or other account in amounts not to exceed in the
aggregate $1,000 per account per each 30 consecutive day
period commencing from May 14, 1985, provided that:

(1)  Any financial institution that has imposed a fee
for the dishonoring of a negotiable instrument as a
result of the exercise of the Governor's authority
under the Proclamation dated May 14, 1985, 4:47
p.m., or this Executive Order shall waive the fee;

(2)  Any unused portion of the $1,000 limitation may be
accumulated and applied to succeeding 30
consecutive day periods; and

(3)  The owner of 5% or more of stock in an association,
any controlling person, any spouse or member of the
immediate family of any such stockholder or
controlling person, and any corporation or business
in which an interest of 10% or more is owned by any
such stockholder, controlling person, spouse, or
immediate family member may make no withdrawals
from that association.

(c) The limitations of Section (b) of this Order do not
apply to:

(1)  Accounts established after May 14, 1985;

(2)  Deposits made in any account after May 14, 1985;
and

(3)  Interest credited to any amount exempt from the
limitations of Section (b) of this Order.

(d) The limitations in Section (b) of this Order do not
apply to the following types of accounts, provided that
an association may, in its discretion, on a
nondiscriminatory basis consistent with prudent business