Section 439. Membership; liability; transfer of shares

1. Membership in the
  savings and loan bank shall be limited to savings and loan associations,
  except,  that  the  directors of the savings and loan bank may, in their
  discretion, permit federal savings and loan associations located in this
  state to be or become members of the savings and loan bank. Every member
  shall pay one hundred dollars for each  share  of  the  capital  of  the
  savings and loan bank issued to it.
    2.  Members  of  the  savings  and loan bank shall not be individually
  liable for the payment of its debts.
    3. Shares shall not be transferable, except that a  member,  which  is
  not  liable  to  the savings and loan bank for any direct obligation may
  transfer its shares therein to another savings and loan association,  by
  and  with  the consent of the board of directors of the savings and loan
  bank; or it may retire from membership and receive back such sums as  it
  has paid for its shares, upon giving one year's notice in writing to the
  savings  and  loan  bank  of  such intention, provided, however, that no
  withdrawal shall be permitted by the board  of  directors,  which  shall
  reduce  the  total  amount  of  the capital of the savings and loan bank
  below five hundred thousand dollars. The  board  of  directors  may,  in
  their  discretion, waive such notice, in the event of the liquidation of
  any member, and pay back such sums as it has paid for  its  shares  even
  though  such  payment should result in a reduction of capital below five
  hundred thousand dollars. Any member liable to the savings and loan bank
  for any direct obligation which holds shares in  excess  of  the  number
  required  by the by-laws of the savings and loan bank, may transfer such
  excess shares to another savings and loan association, by and  with  the
  consent  of  the  board of directors of the savings and loan bank; or it
  may, by and with the consent of the board of directors  of  the  savings
  and  loan bank, withdraw such excess shares and receive back such sum as
  it has paid for such excess shares, upon giving  one  year's  notice  in
  writing  to  the  savings  and  loan  bank  of such intention, provided,
  however, that no withdrawal of shares shall be permitted by the board of
  directors, which shall reduce the total amount of  the  capital  of  the
  savings and loan bank below five hundred thousand dollars.