§ 9-406. Dividends or interest -- Special purpose accounts

Latest version.

   (a) Authority to forego payment. -- Except as required by subsection (b) of this section, a savings and loan association is not required to pay any dividend or interest on special purpose accounts such as "Christmas" or "vacation" accounts.

(b) Rate. -- A savings and loan association shall pay at least 5 percent annual interest or dividend on savings accounts that are for:

   (1) A period of 1 year or less; and

   (2) A special purpose, such as "Christmas" or "vacation" accounts.

HISTORY: An. Code 1957, art. 23, § 160, 1601/2; 1980, ch. 856; 1986, ch. 282.

                    
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