“Investment certificate” defined.
1. “Investment certificate” means any certificate or contract, either paid up or purchasable on an installment basis, which is issued for the purpose of providing a means of investment or savings.
2. An accumulative investment certificate is an investment certificate, not full-paid and without an expressed date of maturity, upon which the holder has the option of making payments at such times and in such amounts as the holder elects and as the association permits.
3. A full-paid investment certificate is an investment certificate, with or without an expressed date of maturity, for which the association has received the principal amount thereof at or prior to the time of the issuance of the certificate.
4. A minimum term investment certificate is an investment certificate for which the association has received a single payment equal to the principal amount thereof and which has a date expressed therein before which notice of intention to withdraw cannot be given, or which requires written notice from the holder to the association for a period specified therein before the expiration of which period notice of intention to withdraw cannot be given. On and after such date, or upon and after the expiration of the specified period following such written notice, each such certificate ceases to be a minimum term investment certificate and becomes a full-paid investment certificate, subject to the same withdrawal rights and restrictions as a full-paid investment certificate.
Last modified: February 26, 2006