6-422. Types of capital; personal property A. The capital of an association may be represented by capital notes and debentures, accounts or guaranty capital, as provided in this article and as authorized by the articles of incorporation. B. All accounts, capital notes and debentures and guaranty capital shall be personal property in the hands of […]
6-423. Accounts A. An association may maintain all types of deposit accounts and prescribe those terms and conditions relating to the accounts as are allowable for the association to maintain the insurance of its deposits by an insurance corporation. B. Accounts are: 1. Withdrawable and subject to enforced retirement as provided in this article. This […]
6-424. Shares of guaranty capital; nature; consideration A. Shares of guaranty capital shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted, and such shares shall be: 1. Nonwithdrawable, except as provided in section 6-428, until all liabilities of the association have been satisfied in […]
6-425. Shares of guaranty capital; authorization of issuance; minimum amount A. An association may provide for the issuance of shares of guaranty capital, either by its original articles of incorporation or by an amendment to the articles of incorporation. B. The aggregate initial guaranty capital of an association being organized under this chapter shall be […]
6-426. Shares of guaranty capital; rights of existing shareholders When an association already in operation amends its articles of incorporation to authorize the issuance of shares of guaranty capital, or when an association already in operation with provision in its original articles of incorporation for the issuance of guaranty shares but which has not issued […]
6-427. Shares of guaranty capital; advertisement; sales; collection of subscription A. All prospectae and advertising matter regarding the subscription for shares of guaranty capital shall include a statement to the effect that such shares of guaranty capital are not insured. B. No association shall pay to any person any commission or other compensation for obtaining […]
6-428. Retirement or reduction of shares of guaranty capital A. The board of directors of an association operating with guaranty capital may propose an amendment to the articles of incorporation providing for the retirement of all of the guaranty capital, and a detailed plan for effectuating such an amendment. The resulting capital of the association […]
6-429. Issuance, delivery, and transfer of certificates and account books A. An association may evidence an account by one or more appropriate certificates. B. The holder of an account may transfer his rights in the account absolutely or conditionally to any other person eligible to hold the same by written assignment. Notwithstanding the effectiveness of […]
6-430. Who may hold capital and membership Accounts, shares of guaranty capital, and membership in an association may be held: 1. By any person in his own right, regardless of his age or marital status, or by two or more of such persons. 2. By a government or governmental instrumentality when authorized by law.
6-432. Effect of payment to minor or fiduciary A. Unless the written agreement provides otherwise, or unless the association has had written notice of the terms under which a fiduciary holds an account, the association may pay the value thereof and dividends thereon: 1. To any minor who is the holder of such account. 2. […]
6-433. Payment on disability or death of holder in his own right of account A. If the holder in his own right of an account becomes a person with a disability and a conservator has been appointed, by a court of competent jurisdiction, and has qualified then the association may pay the value of such […]
6-434. Shares and accounts of certain associations as legal investments; deposit of fiduciary monies A. All accounts of a federal savings and loan association and all accounts of a savings and loan association operating under this chapter, whose accounts are insured by the federal deposit insurance corporation, as provided in title IV of the national […]
6-435. Voluntary withdrawal of accounts A. A holder of an account may make application for withdrawal of, and the association may pay, all or any part of the withdrawal value thereof at any time. B. If the association has insufficient funds in the treasury and from current receipts to pay all matured accounts and applications […]
6-436. Maturity of shares A. When a regular installment or prepaid share reaches maturity value by reason of payments or dividend credits, or both, all payments thereon by the holder shall cease. The association either shall pay to the holder the maturity value of such share, in accordance with the provisions of this article, or […]
6-437. Enforced retirement of accounts A. The board of directors, when authorized by the by-laws, and in conformity with the provisions of this section and of the by-laws, may retire on any dividend payment date any accounts, which have not been pledged as security for loans, by enforcing the retirement thereof. B. Thirty days’ prior […]
6-438. Authorized charges applicable to members An association may charge initial membership fee and a fee for transfer of membership or capital, as may be authorized by the by-laws, but no such fee shall exceed twenty-five cents per share or per one hundred dollars of the account.
6-439. Accounts subject to liens Every account shall be subject to a lien for the payment of such charges as lawfully may accrue thereon under the provisions of this chapter, and the by-laws may prescribe the manner of enforcing such lien, but no member shall be responsible for any losses which the then existing assets […]
6-440. Apportionment of profits The board of directors may apportion the profits of the association as the bylaws may prescribe, and each apportionment shall be made in accordance with the following procedure: 1. Proper allocation first shall be made to accrued interest on accounts. 2. Proper allocation then shall be made to any reserves required […]
6-442. Dividends and interest A. Subject to the restrictions set forth in this section and the association’s bylaws, an association from time to time may determine the term, rate and amount of interest to be paid on accounts, and for that purpose may establish reasonable classifications of accounts, based on any of the following: 1. […]
6-443. Bonus plans For the purpose of encouraging thrift, systematic savings and long-term investment, the board of directors may establish by resolution bonus plans for holders of accounts. The board then shall transfer from the periodical profits of the association additional amounts to a bonus reserve, from which reserve payments to holders complying with such […]
