369.209. Withdrawal, how, when--failure to pay withdrawal applications, powers of director. - Missouri Statutes

Withdrawal, how, when--failure to pay withdrawal applications, powersof director.

369.209. 1. Except for accounts which provide for aspecified contractual time or notice or are subject to a pledge,and, subject to the right of the association to require advancenotice of withdrawal, an account owner at any time may present awritten application for withdrawal of all or any part of theaccount owner's account. The association may by resolution ofthe board of directors require advance notice of not more thanthirty days of an intent to file an application for withdrawal.Every application shall request immediate withdrawal of thestated amount and no account owner shall have on file more thanone application. Any account owner may cancel the accountowner's application by written notice. Every association eithershall pay or shall number, date and file in the order of actualreceipt every withdrawal application. Withdrawals shall be madein the order of actual receipt of applications except as providedin this section or by regulation of the director of the divisionof finance. Upon withdrawal, an association shall pay thewithdrawal value of the account.

2. The director of the division of finance may byregulation establish the rules and procedures to apply in theevent the association is unable to pay all applications forwithdrawal as made including a rotation plan or any other planfor the equitable payment of withdrawals, the payment in full ofaccounts less than a named amount, the application of receipts towithdrawals, and the circumstances and conditions under which thefailure of the association to pay withdrawals as applied forshall be deemed the conduct of its business in an unsafe orinjurious manner within the meaning of section 369.339.

(L. 1971 S.B. 3 § 41, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)

Effective 7-6-94