Order of payment of withdrawals.
1. Except as provided in this section, withdrawals must be paid in the order of their filing, and no loans or investments may be made, except by permission of the Commissioner, when any withdrawal request or order has remained on file unpaid for a period of more than 30 days. Any foreign or domestic association, company or corporation may, without the necessity of obtaining permission of the Commissioner, make or purchase loans or investments not exceeding the principal amount of money borrowed by an association, company or corporation from a Federal Home Loan Bank or other federal loan agency. Any such request or order which is not legally payable for reasons other than the restrictions of this section may not be considered as on file.
2. Whenever applications for withdrawals reach such an amount that in the opinion of the Commissioner, it would be inexpedient to pay such applications in the order of their filing, then, with the written permission of the Commissioner first obtained, so much as may be directed by the Commissioner of the money available to pay withdrawals may, each month, be prorated upon the amounts of all applications for withdrawals on file, irrespective of the order of filing.
Last modified: February 26, 2006