§ 23-38-204 - Mutual or guaranty permanent stock associations -- Dayton or optional payment plan. - Arkansas Statutes

23-38-204. Mutual or guaranty permanent stock associations -- Dayton or optional payment plan.

(a) The Dayton or optional payment plan of maturing shares or certificates may be employed by either mutual or guaranty permanent stock associations.

(b) Members or certificate holders whose shares are on the optional payment plan may make payments thereon in any amount at any time, subject to those limitations which the board of directors may impose under the bylaws of the association.

(c) The stock may be subject to withdrawal under the bylaws of the association, but the entire number of shares represented by the certificate must be withdrawn at one (1) time. It shall not be permissible to make partial withdrawals under any of the certificates.