369.214. Redemption of accounts, how and when, effect of.
Redemption of accounts, how and when, effect of.
369.214. 1. An association may redeem, by lot or otherwiseas the board of directors may determine, subject to approval ofthe director of the division of finance, all or any part of itsaccounts on an earnings payment date by giving thirty days'notice by registered mail to each owner of an account to beredeemed at the owner's last address as shown on the books of theassociation, but the association may not do so when it is in animpaired condition or has applications for withdrawal on fileunpaid. The redemption price of each account redeemed shall beits withdrawal value.
2. Earnings and all rights of the owner of any accountcalled for redemption, except the right to receive the redemptionprice, cease after the date fixed for redemption if the notice ofintended redemption is given as required by this section and iffunds are available for the redemption on such date.
(L. 1971 S.B. 3 § 42, A.L. 1983 H.B. 570, A.L. 1994 H.B. 1165)Effective 7-6-94