§ 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 […]
§ 11-41-130. 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 […]
§ 11-41-115. Interest Rates on Loans
Any savings and loan association may charge, contract for, and recover such rate of interest as may be provided in the notes or other evidences of indebtedness taken by the association. Notes secured solely by the pledge of shares and notes secured by real estate mortgages repayable upon the sinking fund plan shall be nonnegotiable […]
§ 11-41-116. Where Associations May Operate
Upon approval of the commissioner, a savings and loan association may conduct business in this state, in other states, in the District of Columbia, in the territories and colonies of the United States, and in foreign countries, and have one or more offices out of this state, and own, hold, purchase, mortgage, lease, and convey […]
§ 11-41-117. Insurance of Shares
A savings and loan association shall obtain and maintain insurance of its shares with the federal deposit insurance corporation or its successor as provided by the “Federal Deposit Insurance Act”, 12 U.S.C. sec. 1811 et seq., and any amendments thereto. Notice of any such actions by associations shall be submitted to the division. The commissioner, […]
§ 11-41-117.5. Insurance of Obligations
A savings and loan association shall obtain and maintain insurance of its obligations, including accounts, with the federal deposit insurance corporation or its successor. An association is further authorized to obtain and maintain insurance of any obligations, including accounts, or portions thereof not otherwise insured pursuant to subsection (1) of this section, with any federal […]