04 NCAC 16G .0719. WITHDRAWAL FROM CERTIFICATE ACCOUNTS

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Notwithstanding any regulatory provision regarding penalties for early withdrawal from certificate accounts, the applicant may allow payment for capital stock pursuant to the exercise of subscription rights by withdrawal from a certificate account without the assessment of such penalties. In the case of early withdrawal of only a portion of such account, the certificate evidencing such account shall be cancelled if the applicable minimum balance requirement ceases to be met. The remaining balance will earn interest at the passbook rate.

History Note: Authority G.S. 54C‑33; 54C‑53;

Eff. February 15, 1992.

                    
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