§ 81-14-51. Hearings
Any hearing required to be held by this chapter shall be conducted in accordance with applicable provisions as prescribed by the commissioner.
§ 81-14-53. Application of chapter on business corporations
All the provisions of law relating to private corporations operating in this state which are not inconsistent with this chapter, or with the proper business of depository institutions, shall be applicable to all state savings banks.
§ 81-14-55. Scope and prohibitions; existing charters; injunctions
Nothing in this chapter shall be construed to invalidate any charter that was valid prior to the enactment of this chapter. Any savings bank chartered pursuant to this chapter shall use the letters “SSB” in its legal name. Except as provided in subsection (1), no person or group of persons, nor any corporation, company or […]
§ 81-14-57. Application to organize savings bank
Any five (5) or more natural persons (hereinafter referred to as “incorporators”), a majority of whom shall be domiciled in this state, may make application to organize a savings bank in order to promote the purpose of this chapter. The incorporators shall file with the commissioner a preliminary application to organize a state savings bank […]
§ 81-14-59. Certificate of incorporation
The certificate of incorporation of a proposed mutual savings bank shall set forth: The name of the savings bank which shall not closely resemble the name of an existing depository institution doing business under the laws of this state so as to mislead the public; The county and city or town where its principal office […]
§ 81-14-61. Commissioner to consider application
Upon receipt of an application to organize and establish a savings bank, the commissioner shall examine or cause to be examined all the relevant facts connected with the formation of the proposed savings bank. If it appears to the commissioner that the proposed savings bank has complied with all the requirements set forth in this […]
§ 81-14-63. Criteria to be met before commissioner may recommend approval of application
The commissioner may recommend approval of an application to form a mutual savings bank only when all of the following criteria are met: The proposed savings bank has an operational expense fund from which to pay organizational and incorporation expenses in an amount determined by the commissioner to be sufficient for the safe and proper […]
§ 81-14-65. Board to review findings and recommendations of commissioner
If the commissioner does not have the completed application within one hundred twenty (120) days of the filing of the preliminary application, the application shall be returned to the applicants. When the commissioner has completed his examination and investigation of the facts relevant to the establishment of the proposed savings bank, he shall present his […]
§ 81-14-67. Grounds for approval or denial of application
After consideration of the findings and recommendation of the commissioner and his oral testimony, if any, and the consideration of such other information and evidence, either written or oral, as has come before it at the public hearing, the board shall approve or disapprove the application within thirty (30) days after the public hearing. The […]
§ 81-14-69. Appeal
The final decision of the board may be appealed by an applicant for a charter in accordance with Section 81-14-175.
§ 81-14-71. Insurance of accounts required
All state savings banks must obtain and maintain insurance on all members’ and customers’ deposit accounts from an insurance corporation created by an act of Congress. Prior to the licensing of a savings bank, a certificate of incorporation duly recorded under the provisions of Section 81-19-67(3) shall be deemed to be sufficient certification to the […]
§ 81-14-73. Status as IRS qualified thrift institution
All state savings banks must qualify for and maintain eligibility for the bad debt reserve under Section 7701(a)(19) of the Internal Revenue Code of 1968 and any amendments thereto.
§ 81-14-75. Time allowed to commence business
A newly chartered savings bank shall commence business within one (1) year after the date upon which its corporate existence was begun. A savings bank which does not commence business within such time shall forfeit its corporate existence, unless the commissioner, upon written request from the savings bank, approves an extension of time before the […]
§ 81-14-77. Licensing
A newly chartered savings bank shall be entitled to a license fee to operate upon payment to the department of the appropriate license fee as prescribed by the commissioner and upon evidence presented to the commissioner of the following: Capable, efficient and equitable management; Organization of the savings bank pursuant to law; Completion of the […]
§ 81-14-79. Amendments to certificate of incorporation
Any amendment to the certificate of incorporation of a state savings bank shall be made at any annual or special meeting of such savings bank upon approval by a majority of votes or shares cast by members or stockholders present in person or by proxy at such meeting. Any amendment shall be certified by the […]
§ 81-14-81. List of stockholders to be maintained
Every stock savings bank organized and operated under the provisions of this chapter shall at all times keep a current list of the names of all its stockholders. Whenever called upon by the commissioner, a stock savings bank shall file in the office of the commissioner a correct list of all its stockholders, the resident […]
§ 81-14-83. Branch offices
Any state savings bank may apply to the commissioner for permission to establish a branch office. The application shall be in such form as may be prescribed by the commissioner and shall be approved or denied by the commissioner within one hundred twenty (120) days of filing. The commissioner shall approve a branch application when […]
§ 81-14-85. Request to change location of branch or principal office
The board of directors of a state savings bank may change the location of a branch office or the principal office of the savings bank with the prior written approval of the commissioner. The commissioner may request, and the savings bank shall provide, such information as the commissioner determines necessary to evaluate the request.
§ 81-14-87. Approval revoked; branch office
The commissioner may, for good cause and after a hearing, order the closing of a branch office. Such order shall be made in writing to the savings bank and shall fix a reasonable time to close the branch office.
§ 81-14-89. Branch offices closed
No branch office in this state may be discontinued or abandoned without the consent in writing of the commissioner first obtained.