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 […]
Section 9-311 – Officers
(a) (1) A savings and loan association shall have a president, a secretary, and a treasurer and other officers as it may authorize. (2) Except for the president, who may not hold any other office than that of chairman of the board, the bylaws of an association may provide that the same individual may hold 2 offices. (3) The […]
Section 9-312 – Reasonableness of Compensation and Fees
(a) (1) Except as otherwise provided in the bylaws, the board of directors of an association or subsidiary has the responsibility for determining the compensation of officers of the association or subsidiary. (2) Compensation determined under this section must be reasonable and commensurate with the duties and responsibilities of the officers. (b) In making the determination concerning officers, the […]
Section 9-313 – Savings Share Accounts
(a) If its charter or bylaws provide, a savings and loan association that is not a deposit association may issue savings share accounts. (b) Notwithstanding any provision in its charter or bylaws before July 1, 1980 on the number of savings share accounts, a savings and loan association that is not a deposit association may accept subscriptions […]
Section 9-314 – Deposit Association
(a) Only a deposit association may issue savings deposit accounts. (b) A savings and loan association may become a deposit association if: (1) Its charter or bylaws provide; and (2) The Division Director approves.
Section 9-315 – Rights of Owner of Deposit Account
(a) The holder of a savings deposit account in a savings and loan association has the same claim priority in any distribution of assets on liquidation as a general creditor of the deposit association to the extent of the deposit account’s withdrawal value. (b) In addition to subsection (a) of this section, the holder of a savings […]
Section 9-316 – Nature of Deposit Associations
If a savings and loan association becomes a deposit association: (1) It may accept only savings deposit accounts; (2) Existing savings share accounts in the association become savings deposit accounts; (3) The conversion, for the purpose of computing interest on its savings accounts, shall be considered to have taken place on the immediately preceding regular distribution date if […]
Section 9-301 – Member
(a) A member of a savings and loan association means a holder, as shown on the association’s records, of: (1) One or more savings accounts, as to a mutual association; and (2) One or more shares of capital stock, as to a capital stock association. (b) (1) Multiple holders of a single account or share of capital stock shall be […]
Section 9-302 – Directors
(a) The business and affairs of a savings and loan association shall be managed under the direction of a board of directors. (b) A savings and loan association shall have at least 5 directors, as its charter or bylaws provide. (c) (1) Each director of a savings and loan association shall be: (i) A citizen of the United States; and […]
Section 9-303 – Voting Rights
Except as otherwise provided by the charter or bylaws, each member of: (1) A mutual association has one vote; and (2) A capital stock association has one vote for each share of capital stock that the member owns of record.