33.20.150 - Deposits with interest to be repaid on request -- Postponement of withdrawals -- Procedure. - Washington Statutes

Deposits with interest to be repaid on request — Postponement of withdrawals — Procedure.

The deposits paid into an association, together with any interest credited thereon, shall be repaid to the depositors thereof respectively, or to their legal representatives, upon request.

     If, in the judgment of the board, circumstances warrant deferment of the payment of withdrawals from savings accounts to a later date, thereafter withdrawals shall be paid proportionately, on a percentage basis, to all depositors requesting withdrawal until full withdrawal requests are paid to all depositors. A board resolution of deferment shall not affect the payments of withdrawals from federal tax and loan accounts.

     The board shall, however, have the right in its discretion, where need is shown, to pay not exceeding one hundred dollars to any account holder in one month.

     If, upon examination, the director finds that further postponement of withdrawals is unwarranted, the director may order the association to resume full payment of withdrawals and cancel all written withdrawal requests. Such order shall be in writing.

     The association's failure, during a period of postponement, to pay withdrawal requests shall not authorize the director to take charge of or liquidate the association.

[1994 c 92 § 443; 1982 c 3 § 41; 1979 c 113 § 5; 1953 c 71 § 5; 1945 c 235 § 54; Rem. Supp. 1945 § 3717-173. Prior: 1939 c 98 § 5; 1933 c 183 §§ 29, 30, 31, 32, 33, 34, 37; 1919 c 169 § 10; 1913 c 110 § 16; 1890 p 56 § 27.]

Notes: Severability -- 1982 c 3: See note following RCW 33.04.002.

Severability -- 1979 c 113: See note following RCW 33.04.020.