6-437. Enforced retirement of accounts
145 words·~1 min read·
/az/title-6/6-437A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The board of directors, when authorized by the by-laws, and in conformity with the provisions of this section and of the by-laws, may retire on any dividend payment date any accounts, which have not been pledged as security for loans, by enforcing the retirement thereof.
B. Thirty days' prior written notice of such enforced retirement shall be given to the holder of an account to be retired and the holder shall not be entitled to further dividends after the dividend payment date on which such account is to be retired, but such holder shall be paid the full withdrawal value of his account plus the dividend apportioned thereto as of the date fixed for retirement. All accounts upon which applications for voluntary withdrawal have been received, and all shares which have matured, shall be paid first in accordance with the provisions of this article.