17:12B-136 - Association operating under Plan 1; payment on presentation of withdrawal application or other notice - New Jersey Statutes

17:12B-136.  Association operating under Plan 1;  payment on presentation of  withdrawal application or other notice
    A State association operating pursuant to Plan 1 or Plan 4 as set forth in section 75 of this act, may pay the amount requested in the withdrawal application, when the same is presented, or may require notice, prior to the payment of any withdrawal application, of not more than 90 calendar days, provided that associations classifying accounts as to notice shall, with respect to such accounts, only pay withdrawals in accordance with the notice agreement set forth in the evidence of account issued to the member, notwithstanding any other requirements or limitations of this section.  Any such State association requiring notice prior to the payment of any withdrawal application, shall immediately notify the commissioner of its action.

    When such State association requires notice from an account holder, it shall  require the same notice from any account holder who subsequently presents a  withdrawal application, until all applications for which notice has been  required, have been paid in full.

    Every withdrawal application not paid when presented, shall be numbered, dated and filed, by any such State association, in the order of its actual receipt, and shall be paid in such order.

     L.1963, c. 144, s. 136.  Amended by L.1969, c. 28, s. 4, eff. May 2, 1969.