N.Y. BNK Law § 392

§ 392. Retirement of shares; suspension; transfer. 1. The board of\ndirectors of any savings and loan association may retire shares which\nare not pledged to the association by requiring their withdrawal, if the\nby-laws clearly state the manner in which such withdrawals may be\nrequired. The holders of such shares shall be paid the book value of\ntheir shares less all lawful obligations.\n 2. Whenever a member of any savings and loan association shall have\nfailed for six months to pay dues upon any instalment shares owned by\nhim, such association may serve notice upon him to pay such dues within\nthe time stated in such notice, which time shall be not less than thirty\ndays. If such shareholder does not make such payment within the time\nstated in the notice, the amount which would be due him if his shares\nwere withdrawn shall be determined and such amount transferred and\ncredited to him in a savings share account or a suspense account. If\ntransferred to a suspense account, the rights of such member shall cease\nexcept the right to withdraw, subject to the provisions of section three\nhundred ninety of this article, the amount thus credited to him and such\ndividends as may be credited thereon following the date of such\ntransfer. Dividends on amounts in suspense accounts shall be credited at\na rate of at least three-fifths of the lowest rate at which dividends\nare apportioned to any type of instalment shares.\n 3. No transfer of shares shall be binding upon any savings and loan\nassociation until such transfer has been recorded upon its books. The\ntransferee of any share shall take the same subject to all liabilities\nto the association and all conditions attaching thereto at the time of\nthe transfer. If the shares are in the names of two persons and in the\nform to be paid to either or the survivor of them, the assignment\nthereof by one of such persons shall authorize the association to record\nthe assignment upon its books or to accept it as collateral for a share\nloan made pursuant to subdivision two-a of section three hundred eighty\nof this article.\n