Regulations of Connecticut State Agencies
A Connecticut credit union may offer to its members term share accounts subject to such terms, rates and conditions as may be established by the governing board. The governing board may prescribe penalties for the premature withdrawal of term shares except where such withdrawal occurs upon the member's death or disability, or upon the liquidation of the Connecticut credit union, and except as provided in subdivision (2) of section 36a-446-4 of the Regulations of Connecticut State Agencies. The governing board may declare dividends on term shares in the manner provided in subsection (a) of section 36a-459 of the Connecticut General Statutes.
(Effective June 15, 1982; TransferredApril 24, 1995; Amended January 30, 1996)