Okla. Stat. tit. 6, § 6-2020
This is the official text of Okla. Stat. tit. 6, § 6-2020, part of Oklahoma’s Stat. tit. 6, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 6,." Browse the sections below, each linked to its official government source.
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Special Reserve for Dormant Accounts
Official statutory text
Any money deposited to a member's account which has not matured
to at least an amount equal to the par value of shares as
established by the credit union's certificate of incorporation
within a three-year period may be transferred to a Special Reserve
for Dormant Accounts if the owner of such an account, after
reasonable effort, cannot be located, and thereafter, no dividends
or interest will accrue to these accounts. Any money so transferred
shall be subject to a service charge to be set by the State Credit
Union Board. If, however, the member at a later date requests a
withdrawal of these funds, the money less any applicable service
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 263
charge will be transferred out of the Special Reserve for Dormant
Accounts, and the request for withdrawal be honored.
to at least an amount equal to the par value of shares as
established by the credit union's certificate of incorporation
within a three-year period may be transferred to a Special Reserve
for Dormant Accounts if the owner of such an account, after
reasonable effort, cannot be located, and thereafter, no dividends
or interest will accrue to these accounts. Any money so transferred
shall be subject to a service charge to be set by the State Credit
Union Board. If, however, the member at a later date requests a
withdrawal of these funds, the money less any applicable service
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 263
charge will be transferred out of the Special Reserve for Dormant
Accounts, and the request for withdrawal be honored.
Status: in_force · Read it on the official government site
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