§ 11-42-117 — Notice of intention to withdraw

Each association may, at its
option, prescribe a period or periods of notice of intention to withdraw. The period
of any such notice of intention to withdraw shall not exceed sixty days. All notices
of intention to withdraw shall be set forth and be a part of the bylaws of the
association. All periods of notice of intention to withdraw shall be disclosed to
members at the time of opening an account and shall appear on the shares as
described in section 11-42-101. Each association may prescribe by its bylaws the
terms and conditions of withdrawal which are not contrary to the provisions of
articles 40 to 46 of this title. The shares shall state that the right of withdrawal is
subject to the provisions of articles 40 to 46 of this title. This section shall not apply
to tax and loan accounts, note accounts, or similar accounts when, subject to the
regulations of the United States treasury, the association is serving as a depository
for federal taxes or as a treasury tax and loan depository.

Legislative History

Source: L. 33: p. 319, � 1. CSA: C. 25, � 27. CRS 53: � 122-3-17. C.R.S. 1963: � 122-3-17. L. 79: Entire section amended, p. 432, � 8, effective June 19. L. 83: Entire section R&RE, p. 501, � 1, effective May 23.