At any time funds are on hand for the purpose, the association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all or any part of any of its savings accounts on an earnings date by giving 30 days' notice by certified mail addressed to each affected account holder at the last address of the account holder as recorded on the books of the association. No association shall redeem any of its savings accounts when the association is in an impaired condition or when it has applications for withdrawal which have been on file more than 30 days and have not been reached for payment. The redemption price of savings accounts redeemed shall be full value of the account redeemed, as determined by the board of directors, but in no event shall the redemption price be less than the withdrawal value. If the aforesaid notice of redemption shall have been duly given, and if on or before the redemption date the funds necessary for such redemption shall have been set aside so as to be and continue to be available therefor, earnings upon the accounts called for redemption shall cease to accrue from and after the earnings date specified as the redemption date, and all rights with respect to such accounts shall forthwith, after such redemption date, terminate, except only any right of the account holder of record to receive the redemption price without interest.
1969 c 490 s 34; 1978 c 674 s 60; 1986 c 444; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1
Structure Minnesota Statutes
Chapter 51A — Savings Associations
Section 51A.03 — Incorporation.
Section 51A.04 — Organization Of Mutual Associations.
Section 51A.041 — Organization Of Capital Stock Associations.
Section 51A.05 — Name; Office.
Section 51A.065 — Mutual And Capital Stock Conversions.
Section 51A.07 — Power To Reorganize, Merge, Or Consolidate.
Section 51A.09 — Meetings Of Members Of Mutual Associations.
Section 51A.10 — Membership Charges Prohibited.
Section 51A.11 — Access To Books And Records; Communication With Members Or Stockholders.
Section 51A.12 — Financial Statement; Mutual Associations.
Section 51A.13 — Directors Of Mutual Associations.
Section 51A.131 — Directors Of Capital Stock Associations.
Section 51A.14 — Indemnity Bonds.
Section 51A.15 — Transactions Of Officers And Directors.
Section 51A.16 — Depositories.
Section 51A.17 — Indemnification Of Officers, Directors And Employees.
Section 51A.20 — Reserve Accounts; Surplus And Undivided Profits.
Section 51A.21 — Powers Of Association.
Section 51A.22 — Savings Liability.
Section 51A.23 — Savings Account.
Section 51A.24 — Contracts For School Savings Programs.
Section 51A.251 — Married Persons And Minors.
Section 51A.261 — Deposits In Name Of Minor.
Section 51A.262 — Multiparty Accounts.
Section 51A.27 — Pledge To Association Of Savings Accounts In Joint Tenancy.
Section 51A.29 — Accounts Of Incompetents.
Section 51A.30 — Accounts Of Deceased Nonresidents.
Section 51A.31 — Savings Accounts As Legal Investments.
Section 51A.35 — Investment In Securities.
Section 51A.37 — Investment In Loans.
Section 51A.386 — Terms And Conditions Of Loans, Contracts, And Extensions Of Credit.
Section 51A.40 — Dealing With Successors In Interest.
Section 51A.41 — Right To Act To Avoid Loss.
Section 51A.42 — Savings Associations.
Section 51A.43 — Supervisory Power Of Commissioner.
Section 51A.44 — Reports And Examinations.
Section 51A.45 — Enforcement And Conservatorship.
Section 51A.46 — Receivership.
Section 51A.47 — Correction Of Wrongdoings By Unimpaired Institution.
Section 51A.48 — Right To Declaratory Judgment.
Section 51A.50 — Federal Associations.
Section 51A.53 — Powers Of Federal Associations; Approval.
Section 51A.54 — Insolvent Associations Liquidated.
Section 51A.56 — Act Controlling.