Section 9-321 – Future Issuance of Capital Stock
(a) If the Division Director approves a plan of issuance under subsection (b) of this section, a capital stock association may issue capital stock that is additional to that of its initial offering. (b) The Division Director shall approve a plan submitted under subsection (a) of this section if the plan: (1) Is fair; and (2) Conforms to this […]
Section 9-322 – Nature of Capital Stock
Capital stock shall: (1) Have a par value of $1 a share, or any greater amount that the charter may provide; (2) Be nonassessable, notwithstanding any provision in the charter or bylaws, or on the capital stock certificate; (3) Be nonredeemable until each claim against and each liability of the capital stock association is satisfied fully, and each […]
Section 9-323 – List of Stockholders
(a) Every stock association shall at all times keep an up-to-date list of the names of all its stockholders and those of its holding companies. (b) Each year, or whenever requested by the Division Director, the association shall file with the Division Director a correct list of all its stockholders and those of its holding companies, the […]
Section 9-324 – Net Worth Requirement
(a) (1) For the purposes of this section, “net worth” includes: (i) Capital stock; (ii) Paid-in capital or paid-in surplus; (iii) Retained income, retained earnings, earned surplus, and undivided profits; (iv) Subordinated debt as defined by the Division Director; (v) Preferred stock as defined by the Division Director; and (vi) Other items or amounts as defined and deemed appropriate by the Director to […]
Section 9-328 – Allocation of Profits
(a) Subject to regulation of the Division Director, the board of directors of each savings and loan association shall allocate the profits of the association, at least annually, at the times the bylaws provide. (b) The board of directors of each savings and loan association shall: (1) In accordance with generally accepted accounting principles, determine gross income for […]
Section 9-308 – Fidelity Bonds
(a) A savings and loan association shall provide a fidelity bond, in the amount that the Division Director requires, to cover each director, officer, employee, or agent of the association who has control over or access to cash or securities of the association. (b) If a person fails to qualify for the bond required by subsection (a) […]
Section 9-329 – Priority of Claims
(a) In any distribution of assets on liquidation of a savings and loan association, the priority of claims is as follows: (1) In a mutual association: (i) General creditors and holders of savings deposit accounts; (ii) Holders of savings share accounts; and (iii) Contributors to the initial general reserve fund before June 1, 1986 and to the expense fund under […]
Section 9-309 – Offices
(a) A savings and loan association may not establish or relocate any branch office or relocate a principal office unless the Division Director approves its application to do so. (b) An application for the establishment or relocation of a branch office or relocation of a principal office shall include: (1) An application fee of $500 unless the application […]
Section 9-401 – Classification of Accounts
A savings and loan association may classify its savings accounts according to the character, amount, duration, or regularity of additions to the accounts.
Section 9-310 – Electronic Terminals
(a) (1) In this section, “electronic terminal” means an automated electronic information processing device that: (i) Stores information about a customer’s account with a savings and loan association and transmits that information to an office of the association; and (ii) Is activated by a machine-readable instrument issued to a customer. (2) An electronic terminal is not a branch office of […]