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 […]