SECTION 85:25-3-49. Variable and extra rate savings accounts

  Equality of earnings payable with respect to classes of savings accounts of associations is not required by the Code, and any association, by adoption of appropriate by-laws and resolutions of its board of directors, may classify its savings accounts according to the character, amount or duration thereof, and to issue special classes of savings accounts, having required minimum amounts and minimum duration periods including ninety (90) day notice accounts, with respect to which the association may pay higher rates of interest than its regular rate and with respect to which interest may or may not be payable on dates other than the association's regular distribution dates. Insured associations must meet the requirements of the Office of Thrift Supervision with respect to extra rate or variable rate plans, and other associations adopting any such plans will be required by the Board to meet requirements equivalent to those applicable to insured associations. An association which is not a deposit association may not issue a fixed term savings account bearing a fixed contract rate.

[Source: Transferred from 625:10-5-11 (see Editor’s Note at beginning of this Chapter)]