534.308 - SAVINGS LIABILITY -- CLASSES OF ACCOUNTS. - Iowa Statutes

534.308 SAVINGS LIABILITY -- CLASSES OF ACCOUNTS. The savings liability of an association is not limited, but consists only of the aggregate amount of share accounts of its members, plus dividends credited to the accounts, less redemption and withdrawal payments. Except as limited by the board of directors, a member may make additions to the member's share account in the amounts and at the times the member elects. Share accounts shall be opened for cash. The members of an association are not responsible for losses which its savings liability is not sufficient to satisfy, and share accounts are not subject to assessment, nor are the holders of share accounts liable for unpaid installments on their accounts. Dividends shall be declared in accordance with this chapter. An association shall not prefer one of its share accounts over any other share account as to the right to participate in dividends as to time or amount, except that an association may classify its savings accounts according to the location of the offices at which the accounts are opened, the character, amount or duration of the accounts, or the regularity of additions to the accounts, and may agree in advance to pay an additional rate of earnings for particular classes of accounts such as a variable rate or bonus for saving larger amounts, or for maintaining savings over a longer period of time or with regularity, as determined by the board of directors. However, all classes of accounts shall be available to all qualifying members. The board of directors may also determine that earnings shall not be paid on an account which has a withdrawable value in an amount less than fifty dollars. Except as provided in section 534.517, preference between share account members shall not be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association. An association shall not contract with respect to the savings liability in a manner inconsistent with this chapter.          Section History: Early Form [S13, § 1898-a, -c; C24, 27, 31, 35, § 9334, 9336; C39, § 9334, 9340.07, 9340.11; C46, 50, 54, 58, § 534.24, 534.31, 534.35; C62, 66, 71, 73, 75, 77, 79, 81, § 534.10]          Section History: Recent Form 84 Acts, ch 1112, § 3; 85 Acts, ch 194, §11 C85, § 534.308