Section 392 - Retirement of shares; suspension; transfer1. The board of directors of any savings and loan association may retire shares which are not pledged to the association by requiring their withdrawal, if the by-laws clearly state the manner in which such withdrawals may be required. The holders of such shares shall be paid the book value of their shares less all lawful obligations.2. Whenever a member of any savings and loan association shall have failed for six months to pay dues upon any instalment shares owned by him, such association may serve notice upon him to pay such dues within the time stated in such notice, which time shall be not less than thirty days. If such shareholder does not make such payment within the time stated in the notice, the amount which would be due him if his shares were withdrawn shall be determined and such amount transferred and credited to him in a savings share account or a suspense account. If transferred to a suspense account, the rights of such member shall cease except the right to withdraw, subject to the provisions of section three hundred ninety of this article, the amount thus credited to him and such dividends as may be credited thereon following the date of such transfer. Dividends on amounts in suspense accounts shall be credited at a rate of at least three-fifths of the lowest rate at which dividends are apportioned to any type of instalment shares.3. No transfer of shares shall be binding upon any savings and loan association until such transfer has been recorded upon its books. The transferee of any share shall take the same subject to all liabilities to the association and all conditions attaching thereto at the time of the transfer. If the shares are in the names of two persons and in the form to be paid to either or the survivor of them, the assignment thereof by one of such persons shall authorize the association to record the assignment upon its books or to accept it as collateral for a share loan made pursuant to subdivision two-a of section three hundred eighty of this article.