Title 12

SECTION 192.345

192.345 Permissible forms of subscriber payment.

§ 192.345 Permissible forms of subscriber payment.

(a) In general. A subscriber may purchase conversion shares with cash, by a withdrawal from a savings account, or a withdrawal from a certificate of deposit. If a subscriber purchases shares by a withdrawal from a certificate of deposit, the savings association may not assess a penalty for the withdrawal.

(b) Prohibition. A savings association may not extend credit to any person to purchase the savings association's conversion shares.

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