The holder of a savings account or savings deposit in an association shall have the right to withdraw all or any part of his account or deposit, subject to the right of the association and authority of the Board or the Director of the Office of Thrift Supervision, to impose limitations upon the right of withdrawal from an account or deposit for a fixed or minimum term with respect to which account or deposit the applicable fixed or minimum term has not expired. With respect to deposits or accounts which consist solely of funds in which the entire beneficial interest is held by one or more individuals or by an organization which is operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes and which is not operated for profit, and with respect to deposits of public funds by an officer, employee or agent of the United States, any state, county, municipality, or political subdivision thereof, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, any territory or possession of the United States, or any political subdivision thereof, such savings accounts or savings deposits may be subject to check or to transfer or withdrawal on negotiable order or authorization to the association, and account or deposit holders may make withdrawals or transfers from savings accounts upon nontransferable order or authorization. An association may offer money market deposit accounts, as defined by federal regulations, and may permit withdrawals or transfers from such accounts to the same extent permitted by federal regulations, but subject to all of the limitations contained therein.

Laws 1970, HB 1543, c. 101, § 46, emerg. eff. June 1, 1970; Amended by Laws 1978, SB 385, c. 168, § 20, eff. July 1, 1979; Amended by Laws 1981, HB 1144, c. 114, § 1, emerg. eff. April 28, 1981; Amended by Laws 1990, HB 2278, c. 118, § 11, emerg. eff. April 23, 1990.