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This entry was published on 2014-09-22
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Club accounts
§ 98-a. Club accounts. 1. No contract under which a bank or trust
company agrees to repay deposits of fixed sums made at regular intervals
at a given time with all interest or dividends credited thereon, or to
repay said deposits 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 payments.

2. Any bank 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.