§ 23-38-202 - Calling in shares.
23-38-202. Calling in shares.
(a) Any building and loan association, in its bylaws, may reserve the right and power to require, at any time, any holders of any or all classes of shares, stock, or certificates issued by it, except guaranty permanent shares, to surrender for cancellation and payment any or all of the shares, stock, or certificates held by them, upon notice to do so within a reasonable time stated in the notice.
(b) Upon surrender, the association shall pay to the owner of the shares, stock, or certificates the full book value thereof, together with the contract or earned interest or dividend thereon, up to the date specified in the notice to surrender.
(c) The shares, stock, or certificates called for surrender, cancellation, and payment, and not brought in for that purpose, shall cease to draw interest or dividend at the date named for the surrender.
(d) All shares withdrawn, paid off, or called in and cancelled shall revert to the association and may be reissued as new shares.