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This entry was published on 2014-09-22
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Club accounts
§ 378-b. Club accounts. 1. No contract under which a savings and loan
association agrees to repay shares of fixed sums made at regular
intervals at a given time with all interest or dividends credited
thereon, or to repay said shares when, together with interest or
dividends credited thereon, they shall equal a specified sum, may
provide for any forfeiture of the sums deposited in the event of the
discontinuance of the regular payments. Interest or dividends on club
accounts, if offered, must be credited at least quarterly and may not be
forfeited once credited, in the event of the discontinuance of regular

2. Any savings and loan association which provides for deposits in
club accounts shall, in all advertising announcements or brochures
pertaining to such accounts, state whether or not interest or dividends
are paid thereon and, if interest or dividends are paid, shall state the
rate or form of interest or dividends so paid in accordance with any
rules and regulations that may be prescribed by the superintendent.