6.1-194.51 - (Repealed effective October 1, 2010) Redemption. - Virginia Statutes

§ 6.1-194.51. (Repealed effective October 1, 2010) Redemption.

At any time funds are on hand for the purpose, a mutual association shallhave the right to redeem by lot or otherwise, as the board of directors maydetermine, all or any part of any of its savings accounts on an earnings dateby giving thirty days' notice by certified mail addressed to each affectedaccount holder at his last address as recorded on the books of theassociation. No association shall redeem any of its savings accounts whenits liabilities exceed its assets or when it has applications for withdrawalwhich have been on file more than thirty days and have not been reached forpayment. The redemption price of savings accounts redeemed shall be the fullvalue of the account redeemed, as determined by the board of directors, butin no event shall the redemption price be less than the withdrawal value. Ifthe aforesaid notice of redemption has been duly given, and if on or beforethe redemption date the funds necessary for such redemption have been setaside so as to be and continue to be available therefor, interest upon theaccounts called for redemption shall cease to accrue from and after the datespecified as the redemption date, and all rights with respect to suchaccounts shall forthwith, after such redemption date, terminate, exceptingonly any right of the account holder of record to receive the redemptionprice without interest. Accounts called for redemption, if unclaimed, shallbe subject to the Uniform Disposition of Unclaimed Property Act (§ 55-210.1et seq.).

(1985, c. 425.)