ch association must prescribe by its by-laws, or by contract with its shareholders or certificate holders, or by both, the period of notice of intention to withdraw which such association at its option may require, which period shall be six months in the case of all shares or investment certificates issued after the effective date of this section. All certificates hereafter issued evidencing shares or investment certificates shall state the period of such notice and shall also state that the right of the holder thereof to withdraw funds evidenced thereby is subject to the provision or Chapter 124 of this act or that such right is subject to the provisions of the Savings and Loan Association Law governing withdrawals. Each association may prescribe by its by-laws, or by contract with its shareholders or certificate holders, or both, the terms and conditions of withdrawal; provided, such terms and conditions shall not be contrary to the provisions of this act.
Any notice of intention to withdraw shall be invalid unless it is given in writing to the office of the association at which the shares or investment certificates in question were issued, or at which the account of such association as to such shares or investment certificates is kept, or to the principal office of such association, signed by a holder entitled to make a withdrawal, or by his agent. A shareholder or certificate holder may at any time revoke or waive, either in whole or in part, a notice of intention to withdraw and thereupon such notice shall become invalid either in whole or as to such part, as the case may be.

All notices of intention to withdraw shall be filed when and as received by each association or by the several offices thereof in the order in which they are received, and each shall be kept on file with the exact time of the receipt thereof noted thereon or recorded, until it is paid or becomes invalid. When any notice shall have been on file for the period

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prescribed therefor, or for the period stated in such notice as the period to elapse previous to making the withdrawal (whichever shall be longer) such notice shall be a matured notice for all the purposes of this act; provided, however, that withdrawal claims on behalf of any one investor in an association or by two or more investors in an association, holding shares or investment certificates in common or in joint tenancy, shall mature in installments if such claims shall be for any sum greater than two hundred fifty dollars ($250), the first of such installments being hereinafter referred to as the initial installment and the remaining installment or installments being hereinafter referred to as the successive installments. Withdrawal claims maturing in installments shall be matured withdrawal claims, within the meaning of this act, only to the extent that such claims are matured as provided in this section, notwithstanding anything to the contrary contained in this act.

The initial installment shall mature: (1) in the case of withdrawal claims filed pursuant to Sections 116105 and 124101 of this act, when the notice of intention of withdrawal shall have matured; and (2) in the case of maturity of shares pursuant to Section 116103 of this act, upon the declaration of such maturity by the board of directors of the association. The maturity of the first successive installment shall be determined by renumbering the application at the time of the initial installment payment thereon so that such renumbered application then is placed at the end of the list of currently matured withdrawal applications, and thereafter, upon again being reached, shall be paid a like amount, but not exceeding the value of his account, and until paid in full, shall continue to be so paid, renumbered, and replaced at the end of the list.

In the case of matured withdrawal claim representing investment certificates having a value in excess of two hundred fifty dollars ($250) each such claim shall be paid in installments of not less than two hundred fifty dollars ($250) each, and not more than one thousand dollars ($1,000) each at the option of the association.
No shareholder or certificate holder whose shares or investment certificates are pledged as security for a loan from the association issuing such shares or investment certificates shall be permitted to make a withdrawal or be entitled to give any valid notice of intention to withdraw in respect of such shares or investment certificates until the indebtedness for which such shares or investment certificates are security has been fully paid, except that withdrawals therefrom may be made

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without notice provided the full amount of such withdrawals shall be used to pay such indebtedness or any part thereof.
If the shareholder or certificate holder shall tender his certificate for surrender, duly endorsed, within 10 days after any valid notice of intention to withdraw shall have natured, he shall be entitled, subject to Section 124102 of this act, to receive the withdrawal value of his shares or investment certificates or of that part thereof referred to in such notice, which withdrawal value is hereby defined as the full amount paid in upon the shares or investment certificates surrendered exclusive of the entrance fee, if any, together with dividends, profits or interest, if any, applicable thereto, subject to such adjustment of earnings or interest as may be provided by-law or contract. Shareholders or certificate holders who shall have given notice of intention to withdraw and who shall fail to tender their certificates for surrender within 10 days after notice from the association that funds are available for the payment thereof shall have no right to withdraw except after giving new notice of intention to do so and such prior notice of intention to withdraw shall become invalid for all of the purposes of this act; provided, such notice from the association shall have stated that unless such certificates shall be tendered for surrender within such 10-day period the holder shall have no right to withdraw except after giving new notice of intention to do so.
If in the case of any association the sum of the matured withdrawal claims, defined in this act, shall exceed 5 percent of the value of all outstanding shares and investment certificates of such association, then such association shall be an association on notice for all the purposes of this act. In association which is on notice shall continue to be on notice notwithstanding the fact that the sum of the matured withdrawal claims may become less, than said percentage, unless and until all of the matured withdrawal claims shall be paid or funds shall be set aside for the payment thereof; provided however, that if, in the case of any association which is on notice, the sum of the matured withdrawal claims shall become less than 3 percent of the value of all outstanding shares and investment certificates of such association, then, with the prior approval of the commissioner, its board of directors may at their option, by resolution, declare such association to be no longer on notice, and thereupon such association shall cease to be an association on notice for all the purposes of this act, subject to becoming an association on notice as before. In making computations for the purpose of this paragraph, shares and investment certificates shall not be deemed to be unpaid if the

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association has funds set aside for the payment thereof and has given notice of that fact to the respective holders thereof.
SOURCE: GC §41300.