§ 11-41-130. Reorganization
The board of directors of any association, at a meeting called for that purpose, may adopt a plan of reorganization of the association. Two copies of the proposed plan of reorganization, signed by the president or vice-president of such association, verified by his affidavit, and attested by the secretary or assistant secretary thereof, with the […]
§ 11-41-130.5. Cessation of Business as an Association – Amendment of Articles
Notwithstanding any provision of this article to the contrary, in connection with the sale of all or a substantial part of its assets, the board of directors of any savings and loan association may propose an amendment to its articles of incorporation to amend the objects and purposes to conform to those authorized in the […]
§ 11-41-131. Dissolution
Any domestic association may elect to abandon its certificate of authority, liquidate its affairs, and dissolve as provided in this section. The affirmative vote of at least a majority of the directors must be cast in favor of such proposal at a special meeting thereof. A certified copy of such action shall be furnished to […]
§ 11-41-132. Escheat Proceedings
If the affairs of an association have been voluntarily liquidated as provided in articles 40 to 46 of this title and any liquidating dividends remain unclaimed after the approval of the final report of liquidation, the trustees for liquidation may transfer such unclaimed liquidating dividends to the commissioner. In case of such transfer or in […]
§ 11-41-133. Acquisition of Majority Control Over an Existing Association – Definitions
As used in this section, unless the context otherwise requires: “Entity” means a person or group of persons. “Person” means an individual, corporation, partnership, trust, or similar organization. An entity shall be deemed “to have control” of an association if said entity: Directly or indirectly, or acting in concert with one or more persons, owns, […]
§ 11-41-134. Indemnification and Personal Liability of Directors, Officers, Employees, and Agents – Legislative Declaration
The savings and loan association has the same powers, rights, and obligations and is subject to the same limitations as apply to corporations for profit as set forth in article 109 of title 7. Savings and loan association directors, officers, employees, and agents have the same rights as directors, officers, employees, and agents, respectively, of […]
§ 11-41-122. Membership Fees
Savings and loan associations shall not, directly or indirectly, charge any membership, admission, repurchase, withdrawal, or other fee, fine, penalty, or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the association or for any other cause, except as provided in subsection (2) of this section; except that […]
§ 11-41-123. Directors and Meetings
The corporate powers shall be exercised by a board of directors, which may be any number not less than five as shall be fixed by and stated in the articles of incorporation and which directors shall hold office until their successors are duly elected and qualified. At each annual meeting, the successors to the directors […]
§ 11-41-124. Officers or Directors to Receive No Commission
No officer or director of any savings and loan association shall take or receive for himself, directly or indirectly, any commission, compensation, remuneration, gift, speculative interest, or other thing of value as an inducement to the making of any loan by the association or the purchase of any securities for the association or for the […]
§ 11-41-125. Loans to Officers and Directors
No officer or director of any savings and loan association shall negotiate for or receive a mortgage loan from such association, except for the bona fide financing of the home of such officer or director, unless the commissioner has first approved such loan. Source: L. 33: p. 358, § 16. CSA: C. 25, § 84. […]