Terms Used In Louisiana Revised Statutes 6:803

  • Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
  • Savings account: means an account to which earnings, including interest, is paid or accrued. See Louisiana Revised Statutes 6:703
  • Share: means any share, certificate, security, account, or other evidence of funds invested in a mutual association by a member thereof, other than a savings or demand account. See Louisiana Revised Statutes 6:703
  • Withdrawal value: means the amount credited to the shares of a member or to a savings or demand account, less lawful deductions therefrom, as shown on the records of the association. See Louisiana Revised Statutes 6:703

Except as otherwise provided by this Chapter and the articles or bylaws, an association may pay earnings on its savings accounts or shares from sources available for payment of earnings at such rate and at such times as shall be determined by resolution of its board of directors.  The board of directors, by resolution, may determine that earnings shall not be paid on any shares or savings accounts which have a withdrawal value of a specified amount of less than fifty dollars or which, by written agreement, is intended to be closed within a specified period less than fifteen months from the date on which such share or savings account is opened or purchased.  An exception may be made in earnings paid on shares or savings accounts opened or purchased pursuant to La. Rev. Stat. 6:747.

Acts 1970, No. 234, §1.  Acts 1983, No. 675, §1.