With the exception of interest at a rate fixed, or negotiated on an individual basis, by a deposit association prior to the acceptance of the deposit, the board of directors of an association shall by resolutions determine the rates of earnings to be paid on all classes of savings accounts and savings deposits; the times and manner of crediting, distributing and paying of such earnings; and the qualifications and limitations applicable to each class of savings accounts or savings deposits for which a rate higher than regular rate is provided. Except for such fixed term savings deposits bearing a fixed rate of interest as may be issued by a deposit association, the bylaws of every association shall provide for determination of rates of earnings applicable to each class of its savings accounts or savings deposits on a semiannual or quarterly basis. Such rates for each semiannual or quarterly period may be determined and declared by the board of directors during the month preceding the beginning of the period unless the bylaws provide otherwise.

Laws 1970, HB 1543, c. 101, § 49, emerg. eff. June 1, 1970; Amended by Laws 1978, SB 385, c. 168, § 22, eff. July 1, 1979.