(a) Any savings account holder may, at any time, present a written application for withdrawal of all or any part of his or her savings account except to the extent the account may be pledged to the association or to another person on the books of the association.
(b)
(1) An association may pay, in full, each and every withdrawal request as presented, without requiring that written application therefor be made.
(2) At any time the board of directors of an association finds it to be in the best interest of the association, the board may, by proper resolution, require a written notice of not exceeding sixty (60) days before paying withdrawals, in which event no withdrawal request shall be paid until the expiration of the time for giving notice fixed by the board of directors.
(3) Upon the same day the resolution to require notice is made effective, the association shall notify the Supervisor of Savings and Loan Associations by telephone or telegraph that the resolution is in effect.
(c)
(1) In the event the Savings and Loan Association Board [abolished] makes an affirmative finding that a period of great financial stress or other emergency exists, either generally or in a specific locality in this state, or for a specific association, it may, with the approval of the Governor, restrict the right of an association to pay withdrawals, to the extent and in the manner which the board finds necessary or desirable for the protection of savings account holders and other creditors of the association.
(2) Any restriction on the withdrawals from an association may, with like approval, be at any time and from time to time extended, renewed, or modified.
(3) Any restriction shall be binding upon any association from the time the order of the board imposing the restriction is served on the affected association.
(4) The action of the board shall be a complete defense to any action or suit brought against any association on account or by reason of the observance or compliance with the restriction on withdrawals.
(5) The board may make and promulgate any rules which shall be required for the conduct of the business of an association for which withdrawals have been restricted pursuant to this subsection, with a view to the protection of the rights of the savings account holders, creditors, and members of the association, both with respect to savings account holders, creditors, and members who were such at the date of the restriction on withdrawals and those becoming savings account holders, creditors, or members after the restrictions have been imposed.
(d) While an application for withdrawals remains in effect and unpaid, no loan shall be made by an association secured by the pledge of a savings account.
(e) An application for withdrawal may be cancelled, in whole or in part, at any time by the holder of a savings account.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 37 - Savings And Loan Associations
Subchapter 5 - Savings Accounts
§ 23-37-501. Accounts of minors
§ 23-37-502. Accounts in the names of two or more persons
§ 23-37-503. Accounts of fiduciaries
§ 23-37-504. Accounts of deceased nonresidents
§ 23-37-505. Withdrawals generally
§ 23-37-506. Conflicting claims to accounts
§ 23-37-507. Damages for refusal to pay withdrawal request
§ 23-37-508. Power of attorney
§ 23-37-509. Lien on account of borrower — Pledge of third party's account as security on loan
§ 23-37-510. Validity of release or acquittance by officers of corporation or association