392 - Retirement of shares; suspension; transfer.

§ 392.  Retirement  of  shares;  suspension; transfer. 1. The board of  directors of any savings and loan association may  retire  shares  which  are not pledged to the association by requiring their withdrawal, if the  by-laws  clearly  state  the  manner  in  which  such withdrawals may be  required. The holders of such shares shall be paid  the  book  value  of  their shares less all lawful obligations.    2.  Whenever  a  member of any savings and loan association shall have  failed for six months to pay dues upon any instalment  shares  owned  by  him,  such association may serve notice upon him to pay such dues within  the time stated in such notice, which time shall be not less than thirty  days. If such shareholder does not make such  payment  within  the  time  stated  in  the  notice, the amount which would be due him if his shares  were withdrawn shall be  determined  and  such  amount  transferred  and  credited  to  him  in  a savings share account or a suspense account. If  transferred to a suspense account, the rights of such member shall cease  except the right to withdraw, subject to the provisions of section three  hundred ninety of this article, the amount thus credited to him and such  dividends as  may  be  credited  thereon  following  the  date  of  such  transfer. Dividends on amounts in suspense accounts shall be credited at  a  rate  of  at least three-fifths of the lowest rate at which dividends  are apportioned to any type of instalment shares.    3. No transfer of shares shall be binding upon any  savings  and  loan  association  until  such transfer has been recorded upon its books.  The  transferee of any share shall take the same subject to  all  liabilities  to  the  association and all conditions attaching thereto at the time of  the transfer. If the shares are in the names of two persons and  in  the  form  to  be  paid  to  either  or  the survivor of them, the assignment  thereof by one of such persons shall authorize the association to record  the assignment upon its books or to accept it as collateral for a  share  loan  made pursuant to subdivision two-a of section three hundred eighty  of this article.