All shares or savings accounts withdrawn, forfeited, retired, or surrendered shall be cancelled and become the property of the association, and new shares or savings accounts may be issued in lieu of them. Unpaid installments and other charges upon shares or savings accounts shall be a privilege thereon. Payments of dues or interest may be made in advance and dividends or interest may be allowed thereon.
La. R.S. 6:745
Cancellation of shares, savings accounts
Known as the Louisiana Savings and Loan Association Law
The act spans §§ 6–6 (162 sections).
Acts 1970, No. 234, §1
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.