The accumulations upon unpledged shares may be withdrawn and the shares canceled. One month's written notice of such intention may be required to be filed with the secretary at or before a stated monthly meeting of the board of directors. If filed before such meeting, the one month's notice shall not be deemed to have commenced until the first regular meeting after such filing. The withdrawing shareholder shall be paid the amount of the withdrawal value of his accumulations as determined under the by-laws, at the last distribution of profits before the notice of withdrawal, together with all dues paid since such distribution, less any fines unpaid and a proportionate share of any unadjusted loss. However, at no time shall more than half the receipts of the association, and when the association is indebted upon matured shares, not more than a third, shall be applicable to the payment of withdrawing shareholders, without the consent of the board of directors. When the demands of withdrawing shareholders exceed the moneys applicable to their payment, they shall be paid in the order in which their notices of withdrawal were filed with the secretary.