New York Banking Law
1. No contract under which a savings and loan association agrees to repay shares of fixed sums made at regular intervals at a given time with all interest or dividends credited thereon, or to repay said shares when, together with interest or dividends credited thereon, they shall equal a specified sum, may provide for any forfeiture of the sums deposited in the event of the discontinuance of the regular payments. Interest or dividends on club accounts, if offered, must be credited at least quarterly and may not be forfeited once credited, in the event of the discontinuance of regular payments.
2. Any savings and loan association which provides for deposits in club accounts shall, in all advertising announcements or brochures pertaining to such accounts, state whether or not interest or dividends are paid thereon and, if interest or dividends are paid, shall state the rate or form of interest or dividends so paid in accordance with any rules and regulations that may be prescribed by the superintendent.