17:12B-142 - Dividend retention - New Jersey Statutes

17:12B-142.  Dividend retention
    Any State association, except one which operates under the nonshare plan described in section 76 of this act, may, upon the withdrawal of an account prior to its maturity, retain such portion of the dividends credited to such account as its by-laws may prescribe, not exceeding however, 50% thereof if the  withdrawal application is filed within 2 years from the date when such account  was opened, and at least 5% less for each succeeding year, if the withdrawal  application is filed before the end of the third or any succeeding year;   provided, however, 5% of the dividends may be retained upon any withdrawal  regardless of the time when the withdrawal application may be filed;  and  provided further, that any State association may continue to apply its profit  retention schedule which was in existence on April 4, 1946, insofar as it is  reasonable, but such changes, if any, as may hereafter be made therein, shall  conform with the limitations of this section.

     L.1963, c. 144, s. 142.