Section 58-10-64 – Redemption of savings accounts.
At any time funds are on hand for the purpose, an association may redeem, by lot or otherwise as determined by the board of directors, all or any part of any of its savings accounts on a dividend date by giving thirty days’ notice by mail addressed to each affected account holder at his last […]
Section 58-10-65 – Lien on savings accounts.
Every association operating under the Savings and Loan Act, or any federal association doing business in this state, has a lien, without further agreement or pledge, upon all savings accounts owned by any member to whom, or on whose behalf, the association has made an advance of money by loan or otherwise and, the lien […]
Section 58-10-66 – Paying dividends on savings accounts.
After providing for payment of expenses of operation of the association and for the required minimum transfer to its loss reserves, the board of directors of an association may declare dividends or pay interest on savings accounts not to exceed four times a year. An association need not pay or credit a dividend or pay […]
Section 58-10-67 – Computation of net income.
Each association shall close its books on the last business day of June and December each year, and at such other times as its bylaws may provide. History: 1953 Comp., § 48-15-110, enacted by Laws 1967, ch. 61, § 66.
Section 58-10-53 – Insurance of accounts; failure to obtain or maintain.
A. Any association subject to the provisions of the Savings and Loan Act, including specifically those associations established or approved prior to the effective date of the Savings and Loan Act, which on January 1, 1979, has not obtained insurance of its accounts with the federal savings and loan insurance corporation, an agency of this […]
Section 58-10-38 – Participation with others in real estate loans.
A. Subject to the requirements of any regulations of the supervisor, every association may: (1) participate with other lenders in real estate loans of any type that the association could originate; (2) sell, but only without recourse, any real estate loan it holds or any participating interest therein; and (3) service any real estate loans […]
Section 58-10-54 – Who may open a savings account.
Investments in savings accounts may be made only in cash and may be made by any person in his own right or in a trust or other fiduciary capacity and by any partnership, association, corporation [or] federal entities which are authorized to open such savings accounts, subject to any limitation fixed by the board of […]
Section 58-10-39 – Requirements in lending transactions.
In no event shall an association make a loan, purchase or sell a note or lien or enter into any participation transaction authorized in the Savings and Loan Act in violation of any regulation promulgated by the supervisor, and no association shall: A. make a real estate loan [on real estate] on which is located, […]
Section 58-10-55 – Savings contracts.
Each holder of a savings account shall execute a savings contract, the form of which is subject to approval of the supervisor, setting forth any special terms and provisions applicable to the account and the conditions upon which withdrawals may be made not inconsistent with the provisions of the Savings and Loan Act. The savings […]
Section 58-10-40 – Advances to protect security.
Any association may pay taxes, assessments, supplemental abstract or title search charges, insurance premiums and other similar charges for the protection of its interests in properties securing its real estate loans, which advances may be carried on its books as an asset of the association and for which it may charge and collect interest, or […]