Special Shares and Thrift Accounts

PURPOSE: This rule defines special share and thrift accounts. It also sets up the procedures and guidelines to follow when establishing special share and thrift accounts (see section 370.070(1) and (9), RSMo for the statutory requirements). (1) A special share shall be issued only to members of the credit union. The terms and conditions under which any class of special shares is issued shall be passed on by the board of directors. Special shares will not be superior in rank to or have the right to prior payment over general shares or other classes of special shares. (2) A thrift account shall be available only to nonmembers of the credit union. The terms and conditions under which any type thrift account is to be authorized shall be passed upon by the board of directors. Thrift accounts which are not insured by the National Credit Union Share Insurance Fund (NCUSIF) will be inferior in rank to and will not have the right to prior payment over general or special shares. AUTHORITY: sections 370.100, RSMo 1994 and 370.350, RSMo Supp. 1999.* This rule originally filed as 4 CSR 100-2.190. Original rule filed Dec. 15, 1975, effective Dec. 25, 1975. Amended: Filed June 8, 1976, effective Sept. 11, 1976. Amended: Filed Sept. 10, 1981, effective Dec. 11, 1981. Emergency amendment filed Feb. 14, 1984, effective Feb. 24, 1984, expired June 23, 1984. Amended: Filed March 12, 1984, effective June 11, 1984. Amended: Filed Nov. 20, 1997, effective June 30, 1998. Amended: Filed Dec. 17, 1999, effective June 30, 2000. Moved to 20 CSR 1100-2.190, effective Aug. 28, 2006. *Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972 and 370.350, RSMo 1939, amended 1945, 1972, 1985, 1993, 1995.