A mutual bank may at a time by resolution of its board of trustees require that up to 90 days' advance notice be given to it by each depositor before the withdrawal of any deposit or portion thereof. If the board of trustees adopts a resolution, a deposit does not need to be paid until the expiration of the notice period specified in the resolution. A mutual bank shall notify the department in writing on the day of the adoption of the resolution. Notwithstanding adoption of the resolution, a mutual bank may permit withdrawal of all or a part of any deposit prior to the expiration of the notice period prescribed by the resolution. The resolution may be rescinded at any time.
Section: Previous 06.15.150 06.15.160 06.15.170 06.15.180 06.15.190 06.15.210 06.15.220 06.15.230 06.15.240 06.15.250 06.15.260 06.15.270 06.15.280 NextLast modified: November 15, 2016