§ 13-7-305 — Right to redeem savings or investment accounts

(a) The association may redeem by lot or otherwise, as
determined by the board of directors, any part of any of its
savings or investment accounts on a dividend date by giving
thirty (30) days' notice by registered mail when funds are
available for that purpose. An association shall not redeem any
of its accounts when the association is in an impaired condition
or when it has applications for withdrawal which have been on
file more than thirty (30) days and have not been reached for
payment. The redemption price of accounts redeemed shall be the
full value of the account redeemed, as determined by the board
of directors, but in no event shall the redemption price be less
than the withdrawal value. If the notice of redemption has been
duly given, and if on or before the redemption date the funds
necessary for the redemption have been set aside to be available
for the redemption, dividends upon the accounts called for
redemption shall cease to accrue from and after the dividend
date specified as the redemption date and all rights with
respect to accounts shall terminate immediately after the
redemption date, except only the right of the account holder of
record to receive the redemption price without interest.
(b) All account books or certificates evidencing accounts
which have been validly called for redemption must be tendered
for payment within ten (10) years from the date of redemption
designated in the redemption notice otherwise they shall be
cancelled and all claims of the account holders against the
association are barred.