N.Y. BNK Law § 390

§ 390. Withdrawal of unpledged shares; provisions for dividends. 1.\nThe accumulations upon shares of any savings and loan association which\nare not pledged to the association to secure a loan, whether or not such\nshares are matured, may be withdrawn subject to the provisions of this\nchapter and of the by-laws and regulations of the association made in\naccordance therewith. In addition to his rights as a shareholder of an\nassociation, a shareholder shall be a creditor of the association to the\nextent of all dues and dividends credited to him. An association may by\nregulation adopted by resolution of its board of directors require a\nwritten notice of thirty days before paying withdrawals, in which event\nno withdrawal shall be paid until thirty days after notice of intention\nto make the withdrawal shall have been filed. It shall on the day such\nregulation is made effective notify the superintendent by telephone or\ntelegraph that such regulation has been made and shall thereafter\nnumber, date and file in the order of actual receipt every notice of\nintention to make a withdrawal. Except as provided in section three\nhundred seventy-eight-a of this chapter, no savings and loan association\nshall hereafter agree with any of its shareholders in advance to waive\nthe said thirty days' notice. Except in the case of special savings\nshares, if the by-laws so provide, a special dividend may be credited on\nshares withdrawn between regular dividend dates at the rate of the last\ndividend, computing from the last dividend period to the first day of\nthe month in which such withdrawal is made.\n 1-a. A savings and loan association may permit a shareholder to\nwithdraw the accumulations upon his shares of the association which are\nnot pledged to the association to secure a loan, whether or not such\nshares are matured, through a disbursing savings and loan association\nthat is a member of the federal deposit insurance corporation if the\noffice of the disbursing association through which payment of such\nwithdrawal is made is located more than fifty miles from the principal\ndwelling place of such shareholder. The association may authorize\npayment by the disbursing association only upon receiving a specific\ntelephonic withdrawal request, which may be oral or electronic, from\nsuch shareholder, and the amount so paid shall be immediately withdrawn\nfrom the shareholder's account at such association. A savings and loan\nassociation providing withdrawal services pursuant to this subdivision\none-a may, but is not required to: (a) charge a fee to shareholders\nmaking such withdrawals, (b) place a limitation upon the amount of such\nwithdrawal requests, and (c) pay a fee to the disbursing association. A\nsavings and loan association may also act as the disbursing association\nin a similar withdrawal transaction from such accumulations on shares in\nanother association that is a member of the federal deposit insurance\ncorporation, and may collect a fee for its services. This subdivision\none-a shall not apply to time deposits received by an association\npursuant to section three hundred seventy-eight-a of this chapter.\n 2. If a member shall not apply for the withdrawal within fifteen days\nafter the expiration of the thirty days' notice of intention no\nwithdrawal shall be payable under such notice or by reason thereof.\nWhile any withdrawal application made pursuant to the required notice of\nintention remains in effect and unpaid, no withdrawal application made\npursuant to a notice of intention subsequently filed shall be paid and\nno loan may be made secured by transfer or pledge of shares, nor shall\nshares be retired or applied by the association, or by the member toward\nthe payment of fines and obligations due to the association, nor shall\ndividends be declared or paid.\n 3
f\nintention remains in effect and unpaid, no withdrawal application made\npursuant to a notice of intention subsequently filed shall be paid and\nno loan may be made secured by transfer or pledge of shares, nor shall\nshares be retired or applied by the association, or by the member toward\nthe payment of fines and obligations due to the association, nor shall\ndividends be declared or paid.\n 3. Upon the withdrawal of instalment or accumulative prepaid shares\nprior to their maturity, or upon the withdrawal of income shares issued\nfor a fixed term prior to the expiration of such fixed term, a portion\nof the dividends credited to such shares may be retained by the\nassociation as its own property, in accordance with a schedule, clearly\nand fully set forth in the by-laws. Such schedule shall make proper\nprovision with respect to each class of share, and in the case of\ninstalment shares shall take into account the period such shares have\nbeen in force, provided, however, that the portion of such dividends\nthat may be retained by the association upon the withdrawal of a share\nshall in no case exceed forty per centum of the dividends apportioned\nand credited upon such share.\n 4. The board of directors may permit a member to withdraw part of the\naccumulations on his shares, other than instalment shares issued in\nseries, without reducing the number of shares held by him.\n 5. Subject to any regulations and restrictions prescribed by the\nsuperintendent of financial services, a savings and loan association may\naccept deposits, including demand deposits, without the issuance of a\npassbook in connection therewith, and may issue such other evidences of\nits obligation to repay such deposits as may be appropriate to safeguard\nthe interests of the depositors and of the savings and loan association.\n 6. In case of conflict between this section and any other provision of\nlaw, this section shall control.\n