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 9-309 – 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 9-310 – 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 9-304 – Notice of Meeting
(a) A savings and loan association shall notify each member of the time and place of any meeting of members at least 20 days before the meeting. (b) The notice shall be given by mail or by publication in a newspaper of general circulation in the political subdivision where the principal business office of the association is […]
Section 9-305 – Quorum; Majority Rule
At any meeting of the members of a savings and loan association: (1) Except as provided in the charter or bylaws, any number of members present in person or by proxy is a quorum; and (2) Unless otherwise specifically provided by law, the charter, or the bylaws, a majority of all votes cast at which a quorum […]
Section 9-306 – Statement of Financial Condition
(a) A statement of the financial condition of a savings and loan association shall be: (1) Prepared quarterly; (2) Submitted at a meeting of the board of directors of the association that is held within 30 days after the end of the quarter; and (3) Submitted to the Division Director within 30 days after the end of the quarter. […]
Section 9-307 – Conflicts of Interest
(a) Each director, officer, and controlling person of a savings and loan association shall: (1) Act in a fiduciary capacity towards the association, and the association’s members, stockholders, and depositors; and (2) Discharge duties and their respective positions in good faith, and with the same diligence and care that an ordinarily prudent person would exercise under a similar […]
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 […]