Arkansas Statutes
§ 23-35-606 — Inability to contact members - Transfer of funds to reserves
Arkansas·Title 23
(a)(1) If a credit union is unable to contact a member, beneficiary, or other person by first class mail at the last address shown on the records of the credit union, and if such inability continues for a period of more than three (3) years, then all shares, accounts, dividends, interest, and other sums due to or standing in the name of the member, beneficiary, or other person may, by action of the board of directors of the credit union, be credited to accounts payable, and thereafter no dividends or interest will accrue thereto.
(2)The member shall have the right to reclaim any such sums by proper judicial proceedings commenced within an additional four (4) years after the action by the board.
(b)This section shall not apply to shares, accounts, dividends, interest, and other sums due
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Arkansas § 23-35-606 (Inability to contact members - Transfer of funds to reserves) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1971, No. 132, § 24; 1975, No. 530, § 16; 1985, No. 936, § 14; A.S.A. 1947, § 67-924.
Nearby Sections
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§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
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Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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