ADMINISTRATION OF THE GOVERNMENT (Chapters 1 through 182)
DEPOSITS AND ACCOUNTS
Section 4. A bank may receive savings deposits in denominations of one hundred dollars or two hundred dollars in the form of shares as hereinafter described:
1. Serial Shares. — (a) Issue: Serial shares in either denomination may be issued in quarterly, half-yearly or yearly series, in such amounts and at such times as the board, from time to time, may determine. Shares of a prior series may be sold with the approval of the board. Purchasers of shares of a prior or current series shall pay therefor their value computed from the date of their issue.
(b) Dues: On or before each bank day every serial shareholder shall pay one dollar as dues upon each serial share held by him until it is withdrawn, forfeited, suspended, retired and matured.
(c) Maturity: Serial shares shall mature when they reach the value of either one hundred dollars or two hundred dollars, depending on which denomination such series is in, by the accumulation of dues, distributed earnings and other credits. When maturity of any shares would occur between distribution dates by the crediting of interest at the last rate of distribution, such interest shall be so credited and such shares thereupon shall mature.
(d) Exchange of Serial Shares: The withdrawal value of the serial shares of a nonborrower who continues in arrears for more than six months, at the option of the board, if he fails to pay the arrears within thirty days after notice, may be transferred into paid-up shares or into a savings account, or both, or into a suspended share account. In the event of any withdrawal before maturity of interest paid or credited upon serial shares, the remaining withdrawal value of such shares may, unless withdrawn by the holder, be transferred by the bank into paid-up shares or into a savings share account, or both.
2. Paid-up Shares. — Paid-up shares may be sold in any denomination with interest to be paid at a rate fixed by the board. When serial shares mature they shall be deemed paid-up shares.
No person individually and no two or more persons in a joint account shall hold more than six hundred serial shares in the denomination of one hundred dollars nor more than three hundred serial shares in the denomination of two hundred dollars. Each person so holding shares with one or more other persons also may hold shares individually, but the total amount of shares in a bank held at the same time by such person both individually and with one or more other persons shall exceed in the denomination of one hundred dollars, six hundred serial shares, or in the denominations of two hundred dollars, three hundred serial shares.
Paid-up shares shall be governed by the limitations contained in section three.
Limitations upon individual holdings shall apply to shares held by more than one fiduciary in the same estate and to shares held for each estate where the same person is fiduciary in two or more distinct estates.
For other applicable provisions of law, shares shall be deemed deposits.