Section 58-10-78 – Federal examination.
The supervisor may accept the report of examination of any association by the federal home loan bank board or the federal savings and loan insurance corporation in lieu of any examination required by the Savings and Loan Act. If the supervisor examines or causes to be examined any association in conjunction with an examination by […]
Section 58-10-94 – Violation of act; civil penalty.
Any association violating any provision of the Savings and Loan Act or any valid regulation made thereunder may be required by the supervisor to pay a civil penalty of not less than five dollars ($5.00) a day nor more than twenty-five [dollars] ($25.00) a day to the supervisor for each day after notice of the […]
Section 58-10-79 – Additional examinations.
Whenever, in the judgment of the supervisor, the condition of any association renders it necessary or expedient to make an additional examination, or to devote any extraordinary attention to its affairs, the supervisor shall cause the work to be done at the expense of the association. A complete copy of the report of all examinations […]
Section 58-10-95 – Violations; criminal penalties.
It is unlawful for any person to knowingly violate any provision of the Savings and Loan Act or any lawful rule or regulation or order of the supervisor and any person responsible for such violation is guilty: A. of a misdemeanor punishable by imprisonment for a term not exceeding one year or a fine not […]
Section 58-10-68 – Transfers to loss reserves.
A. Every association without permanent capital stock shall accumulate from its earnings a reserve fund for protection against losses. The reserve fund shall be accumulated by setting aside to the fund at each dividend-paying period a sum equal to two percent of its net earnings before dividends until the reserve fund equals not less than […]
Section 58-10-69 – Dividends on permanent capital stock.
The balance of net income of an association, if any, may be credited to a surplus account from which the board of directors of any association with permanent capital stock may, at its discretion and at such times as it may determine, declare and pay dividends in cash or additional stock to the holders of […]
Section 58-10-70 – Use of surplus accounts and expense fund contributions.
At any closing date, any association may use all or any part of any surplus accounts, whether earned or paid in, or any expense fund contributions on its books at the time, to meet all or any part of the expenses of operating the association for the period just closed, required transfers to loss reserves […]
Section 58-10-71 – Savings and loan supervisor.
There is created the “savings and loan bureau” in the financial institutions division of the commerce and industry department [regulation and licensing department]. The chief of the bureau shall be the “savings and loan supervisor.” The supervisor and any examiners shall not be interested in any association directly or indirectly, or be directors, officers, employees, […]
Section 58-10-72 – General powers of supervisor.
The supervisor has general supervision over all associations and corporations subject to the provisions of the Savings and Loan Act. He may promulgate general regulations for the administration and enforcement of the Savings and Loan Act. He shall enforce the purpose of the Savings and Loan Act by use of the powers therein conferred and […]
Section 58-10-73 – Regulations.
In the exercise of his power to promulgate regulations under the Savings and Loan Act, the supervisor shall act in the interest of promoting and maintaining a sound savings and loan association system, the security of the savings account holders and other customers, the preservation of the liquid position of associations and in the interest […]