The membership of a mutual state savings bank shall consist of: Any person who holds deposit accounts in a savings bank; or Any person who borrows funds and becomes obligated on a loan from the savings bank, for such time as the loan remains unpaid, or the borrower remains liable to the savings bank for […]
The directors of a mutual savings bank shall be elected by the members at an annual meeting, held pursuant to the terms of Section 81-14-261, for such terms as the bylaws of the savings bank may provide. Director’s terms may be specified in the certificate of incorporation. Voting for directors by deposit account holders shall […]
Directors and officers possess a fiduciary relationship with the savings bank which they serve, and shall not engage or participate, directly or indirectly, in any business or transaction conducted on behalf of or involving such savings bank, unless: (a) the business or transactions are conducted in good faith and are honest, fair and reasonable to […]
Any amendments to the charter of incorporation or bylaws of a savings bank shall be certified by the appropriate corporation official and submitted to the commissioner for his approval before they may become effective.
Voting rights in the affairs of a state savings bank may be exercised by members and stockholders by voting either in person or by proxy. The commissioner shall promulgate rules and regulations governing forms of proxies, holders of proxies and proxy solicitation.
Each savings bank shall hold an annual meeting of its members or stockholders. The annual meeting shall be held at a time and place as provided in the bylaws or determined by the board of directors. The board of directors of a mutual savings bank shall publish once a week for two (2) weeks preceding […]
Special meetings of members or stockholders of a savings bank may be called by the president or the board of directors or by such other officers or persons as provided in the charter or bylaws of the savings bank. Notice of any special meeting of members or stockholders shall be given in the same manner […]
Unless otherwise provided in the savings bank’s charter or bylaws, fifty (50) holders of deposit accounts in a mutual savings bank, or fifty (50) stockholders or a majority of shares eligible to vote in a stock savings bank, present in person or represented by proxy, shall constitute a quorum at any annual or special meeting.
A savings bank shall maintain a blanket indemnity bond of at least a minimum amount as prescribed by the commissioner. A savings bank which employs collection agents, who for any reason are not covered by the bond as herein required, shall provide for the bonding of each agent in an amount equal to at least […]
